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Full text of "Public documents of the State of Connecticut"

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^Statc of (Sonnccixcuf. 



AN ACT 



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RELATING TO INSURANCE COMPANIES. 



PASSED JANUARY SESSION, 1879, 



AND AMENDED BY SUBSEQUENT ACTS TO (INCLUDING) il 



AN ACT 

Relating to Insurance Companies. 

Passed January Session, 1879. 



Be it enacted by the Senate and House of Representatives in General 
Assembly convened ; 

That part VII of title 1 7 of the revised statutes, relating to insur- 
ance companies, be and the same is hereby repealed ; also, the acts of 
1875, " relating to the winding up of life insurance companies," and 
"relating to the capital stock of fire insurance companies," and 
"relating to the taxation of the premiums received by insurance 
companies of other states and foreign governments," and " providing 
for the disposition of the assets of a life insurance company, and pro- 
viding penalties for the unlawful retention or possession of its assets 
upon the repeal of its charter;" also, the acts of 1876 "relating to 
amalgamations, consolidations, and reinsurances by life insurance 
companies," and " relating to loans and investments by life insurance 
companies;" also, the acts of 1877 " to amend an act relating to 
insurance companies," and "conferring additional power upon the 
Insurance Commissioner of the State," and "'relating to the valuation 
of life insurance policies;" also, the act of 1878 "to prevent the 
making and publication of false and deceptive statements in relation 
to the assets of fire insurance companies," be, and the same are hereby, 
repealed ; provided, however, that, notwithstanding this repeal, said 
part VII and other acts hereby repealed shall be and remain in full 
force in relation to all past transactions to which they are applicable, 
and for the purpose of prosecuting to final judgment all violations of 
the provisions of said part and said other acts hereby repealed, and 
that the following provisions be and become a substitute for said part 
VII of title 17 of the revised statutes, and of the other acts hereby 
repealed, to wit : 



4* FIRE AND EIRE AND MARINE INSURANCE COMPANIES. 



ARTICLE I. 
Fire and Fire and Marine Insurance Companies. 



Section 

i. Conditions of fire insurance to be stated 
in body of policy. 

2. Limit of single risk. 

3. Form of annual statement. 

4. Shall give required information to the 

Commissioner. 

5. Reduction of capital stock. 

6. Original certificates may be caUed in and 

new certificates issued. 

7. Increase of capital stock. 



Section 

8. Mutual companies may issue short term 

policies and may insure personal 
property. 

9. Conditions as to fire and fire and marine 

insurance companies of other States. 

10. Conditions as to mutual fire and marine 

insurance companies of other States. 

11. Commissioner may examine insurance 

companies, and have unsound home 
companies wound up. 



Conditions in Body of Policy. 

Section 1. In all policies of insurance against loss by fire, here- 
after made by companies chartered by or doing business in this State/ 
no conditions shall be valid unless stated in the body of the policy. 

Limit of Single Risks. 

Sec. 2. No fire insurance company chartered by or doing business 
in this State shall expose itself to loss on any risk to an amount 
exceeding ten per cent, of its paid-up capital. 

Form of Annual Statement. 

Sec. 3. Every fire and every fire and marine insurance company 
chartered by or doing business in this State shall annually, in January, 
render to the Insurance Commissioner a report, signed and sworn 
to by its president and secretary, of its condition on the thirty-first 
day of December next preceding, in the following form, namely : 
First, the amount of its capital stock. Second, its assets, specify- 
ing : (1) the value of its real estate ; (2) the amount of its cash on 
hand and in bank, specifying where it is deposited; (3) the amount 
of cash in the hands of agents and in course of transmission ; (4) the 
amount of loans secured by mortgages on which there shall be less 
than one year's interest due; (5) the amount of like loans with one 
year's interest or more due thereon; (6) the amount due on judg- 
ment ; (7) the amount of its stocks and bonds, with the description 
of amount, number of shares, and the par and market value of each ; 
(8) the amount of stocks and bonds held as collateral security for 
loans, with the amount loaned on each and the par and market value 
thereof; (9) the amount of assessments on stock or premium notes, 
paid or unpaid ; (10) the amount of interest accrued and unpaid ; 
(11) the amount of premium notes on hand on which policies are 



FIRE AND FIRE AND MARINE INSURANCE COMPANIES. "O 

issued. Third, its liabilities, specifying : (i) the amount of losses due 
and unpaid ; (2) the amount of unpaid losses not due ; (3) the amount 
of claims for losses resisted by the company ; (4) the amount of losses 
incurred during the year, including those claimed and not yet due 
and those reported to the company upon which no action has been 
taken ; (5) the amount of dividends due and unpaid ; (6) the amount 
of dividends, either cash or scrip, not yet payable; (7) the amount of 
money borrowed, and security given for the payment thereof; (8) the 
amount of premiums received on all risks not terminated ; (9) the 
amount required to re-insure all fire risks in force, computed at fifty 
per cent, of the gross amount of fire premiums (less return premiums 
and reinsurance), received on risks in force not perpetual, ninety-five 
per cent, of premiums on perpetual risks in force, and one hundred 
per cent, of the amount of ocean marine premiums received on risks 
in force; (10) the amount of all other claims against it. Fourth, its 
income during the preceding year, specifying : (1) the amount of cash 
premiums received ; (2) the amount of notes received for premiums ; 
(3) the amount of interest money received ; (4) the amount of income 
received from other sources. Fifth, its expenditures during the pre- 
ceding year, specifying : (1) the amount of losses paid, stating how 
much of the same accrued prior, and how much subsequent, to its 
preceding statement, and the amount at which such losses were esti- 
mated in such statement ; (2) the amount of dividends paid ; (3) the 
amount of expenses paid, including agents' commissions ; (4) the 
amount paid in taxes ; (5) the amount of all other expenditures. 



Inquiries of Insurance Commissioner. 

Sec. 4. The Insurance Commissioner may inquire of any fire or 
fire and marine insurance company doing business in this State, or 
of its secretary, in relation to its financial condition and management, 
and such inquiry shall be promptly answered. 



Reduction of Capital Stock. 

Sec. 5. When the capital stock of any fire or marine insurance 
company shall be impaired, it may reduce it and the par value of its 
shares to such amount as shall be justified by its assets ; but no part 
of its assets shall be distributed to its stockholders, and no reduction 
shall be made, except upon the vote of the stockholders, approved by 
at least two-thirds of the board of directors, and certified under the 
corporate seal, by the secretary, a copy of which shall be filed in the 
office of the secretary of this state. 



6* fire and fire and marine insurance companies. 

Change of Certificates of Stock. 

Sec. 6. The directors, after such reduction of capital, may require 
each stockholder to surrender his certificate, and in lieu thereof may- 
issue a new certificate for such number of shares as he shall be 
entitled to. 

Increase of Capital Stock. 

Sec. 7. Such company, after its capital shall be so reduced, may 
increase its capital stock to any amount not exceeding the amount 
authorized by its charter. 

Mutual Companies. 

Sec. 8. Every mutual fire insurance company which shall approve 
this section, may issue policies for any time not exceeding five years, 
and may insure personal property upon such terms as shall be agreed 
upon by the parties. 

Companies of Other States — How Admitted. 

Sec. 9. No fire or fire and marine insurance company or associa- 
tion, incorporated by or organized under the laws of any other State 
of the United States shall, directly or indirectly, take risks, or transact 
any business of insurance in this State, unless possessed of at least one 
hundred and fifty thousand dollars cash capital, paid up and securely 
invested ; and every such company shall deposit with the Insurance 
Commissioner a certified copy of its charter, and a statement, under 
oath, of its president, or vice-president and secretary, stating its name 
and location and the other particulars required by the third section 
of this article ; nor shall any person act as agent for any such com- 
pany, directly or indirectly, taking risks, or transacting the business 
of fire insurance in this State, without procuring from the Insurance 
Commissioner a certificate of authority, stating that such company 
has complied with all the requisitions of this act, and giving the 
name of the attorney appointed to act for the company. Such cer- 
tificate shall be dated April first, and shall continue in force for one 
year from its date, unless revoked for cause. Certificates issued to 
agents applying for admission to the State after the first day of April, 
in any year, shall continue in force until the first day of the April 
following, unless revoked as aforesaid ; such a statement as is required 
by this section shall be made annually in January, and shall specify 
the amount of premiums received, and losses paid in this State, during 
the preceding year; and said commissioner, on being satisfied that 
the capital, securities, and investments remain secure, shall furnish a 
renewal of his certificate. 



fire and fire and marine insurance companies. *7 

Mutual Companies of Other States. 

Sec. 10. Any mutual fire or fire and marine or mutual marine 
insurance company located in any other State of the United States, 
possessed of one hundred and fifty thousand dollars in cash or securely 
invested in available cash assets, may be admitted to take risks and 
transact business in this State ; provided, it shall comply with all the 
other requirements of the laws of this State relating to companies of 
other States. 

Examination of Insurance Companies. 

Sec. ii. The Insurance Commissioner, either personally or by a 
committee appointed by him, consisting of one or more persons not 
directors, officers, or agents of any fire or fire and marine insurance 
company doing business in this State, may at any time examine into the 
affairs of any fire or fire and marine insurance company incorporated 
by or doing business in this State. The officers or agents of such 
company shall exhibit its books to said commissioner or committee, and 
otherwise facilitate such examination ; and the commissioner or com- 
mittee may examine under oath the officers and agents of any such 
company in relation to its affairs ; and said commissioner may publish 
the result of such investigation in one or more newspapers published in 
this State ; but in relation to the affairs of any company incorporated 
by or organized under the laws of any other State of the United States, 
he may, in lieu of such investigation, accept the certificate of the Insur- 
ance Commissioner or Superintendent of such State as i to its condition. 
And whenever he shall ascertain that the assets of any fire or fire and 
marine insurance company incorporated by this State, after deducting 
for reinsurance, and its other proper liabilities, excepting capital, amount 
to less than three-fourths of its capital stock, if it have a stock capital, 
or in the case of a mutual company, if the assets, less unsettled claims, 
and other absolute liabilities, amount to less than three-fourths the sum 
requisite for reinsurance, he shall call upon it to make up such deficiency 
within such reasonable time as he shall fix, and on failure to comply 
with such requirement shall bring his petition to a judge of the Superior 
Court, praying for an injunction restraining said company from the 
further prosecution of the business of making or renewing insurances 
until said deficiency is made up ; and if, upon a hearing before said 
judge, after such reasonable notice to such company as he may order, 
the allegations contained in such petition shall be found true, he shall 
issue such injunction. 



8* 



FOREIGN FIRE INSURANCE COMPANIES. 



ARTICLE II. 
Foreign Fire Insurance Companies. 



Section 

i. May do business in this State, on what 
conditions ; policies not invalidated by 
war. 

2. Copy of charter ; deposit ; statement of 

condition. 

3. Amount of capital ; how estimated ; trus- 

tees must be approved by the Insur- 
ance Commissioner. 

4. Trustees, how appointed and examined ; 

recall of certificates. 



with 
license or certificate 



Section. 

5. May not insure before complyin 

law and receivin 
of authority. 

6. May not take greater risks than home 

companies. 

7. Fees for licenses, etc. 

8. Agents' premium receipts and taxes 

thereon. 



On what Condition may Enter this State. 

Section 1. No foreign insurance company shall take risks in this 
State unless it has a cash capital of two hundred thousand dollars, and 
shall have made a deposit with the treasurer of this State, or with the 
proper officer of some other State, of not less than two hundred 
thousand dollars in the bonds of this State, or of the States of New 
York or Massachusetts, or in bonds or public stocks of the United 
States, in trust for the benefit of its policy-holders in the United States ; 
and no policy issued by such company to any citizen of this State shall 
be invalidated by the occurrence of hostilities between the govern- 
ment of the United States and the government under the laws of which 
it was organized. 

Copy of Charter, Etc., to be Deposited. 

Sec. 2. Every foreign insurance company shall, before admission 
to do business in this State, furnish to the Insurance Commissioner a 
copy of its charter or articles of association, and of its last annual 
report made in the country where it was organized, and the certificate 
of the officer holding in trust said deposit of two hundred thousand 
dollars, stating the manner in which the same is invested and the pur- 
poses for which the same is held ; and it shall furnish annually to the 
Insurance Commissioner a statement of the condition of its affairs in 
the United States, in such form as he shall require. 



Capital Stock, How Estimated. Appointment of Trustees. 

Sec. 3. The capital of every such foreign insurance company shall, 
for all the purposes of the insurance laws of this State, be the aggregate 
value of its money or securities deposited as aforesaid, and all sums 
loaned on real estate security in any State in the United States, in con- 
formity with the laws of such State providing for the investment of the 



FOREIGN FIRE INSURANCE COMPANIES. *9 

assets of insurance companies therein, and all other assets in the 
United States in which fire insurance companies organized under the 
laws of this State may invest, provided, such real estate securities and 
assets shall be held in the United States, by trustees who are citizens 
of the United States, approved by the Insurance Commissioner, for 
the benefit of all its policy-holders and creditors in the United States, 
after making the same deduction from such aggregate value for losses 
and liabilities in the United States, and for premiums upon risks 
therein not expired, as is authorized or required by the laws of this 
State, or the regulations of its Insurance Department, with respect to 
fire insurance companies organized under the laws of this State. 

Trustees — How Appointed. 

Sec. 4. The trustees referred to in the third section of this article 
shall be appointed by the directors of such company, and a certified 
copy of the vote by which they are appointed, and of the deed of 
trust, shall be filed in the office of the Insurance Commissioner; and 
he may examine such trustees or the agents of such company under 
oath, and its assets, books and accounts, in the same manner as he 
ma examine the officers, agents, assets, books and accounts of any 
company authorized to do fire insurance business in this State. 

License — When Issued. 

Sec. 5. No foreign insurance company or agent or attorney 
thereof shall transact the business of fire insurance in this State until 
such company shall comply with the laws of this State relative to 
foreign fire insurance companies, and receive a license or certificate 
of authority from the Insurance Commissioner. 

Limit of Insurance. 

Sec. 6. No foreign insurance company shall insure against loss by 
fire or inland navigation, nor expose itself to any such loss by any 
one risk for any greater amount in proportion to its capital than com- 
panies organized under the laws of this State may do. 

Fees for Licenses, Etc. 

Sec. 7. When such foreign insurance company shall have complied 
with the provisions of law relating to such companies, and the Insur- 
ance Commissioner is satisfied that it is solvent in the United States, 
he may issue to it a license to transact business in this State, upon the 
payment of thirty dollars for filing a certified copy of its charter or 



10"" FOREIGN FIKE INSURANCE COMPANIES. 

deed of settlement, and annual fees, as follows : license fee, fifty dol- 
lars ; fee for filing statement, twenty dollars ; and two dollars for each 
agent's certificate of authority. 

Premium Receipts — Tax on Same. 

Sec. 8. Each agent of any insurance company or association in- 
corporated by or organized under the laws of any foreign govern- 
ment, which shall have received from the Insurance Commissioner a 
license to transact business in this State, shall return annually, on or 
before the tenth day of January, under oath, to said commissioner, 
the gross amount of premiums collected by him for the year previous; 
and shall annually, on or before the twentieth day of January, pay to 
the treasurer of the State a tax of two per cent, upon the amount of 
premiums so collected. 



LIFE INSURANCE COMPANIES. 



11 



ARTICLE III. 
Life Insurance Companies. 



Section 

i. Annual statement. 

2. Reinsurance reserve, how ascertained. 

3. Dividends, how made. 

4. Penalty for making dividends improperly. 

5. Triennial examinations. 

6. Examination of companies of other 

States. 

7. Facilities for examination, to be afforded. 

8. To receive certificates before issuing poli- 

cies. 

9. Returns of companies of other States : 

certificates and licenses. 

10. Agents shall not issue policy without 

license. 

11. When companies may be wound up; 

when they must be wound up. 

12. Test of solvency ; liabilities, how deter- 

mined. 

How assets shall be disposed of on repeal 
of charter ; assets of the company to 
vest in the Commissioner. 

Commissioner shall take immediate pos- 
session. 
15. How claims shall be presented. 



I 3- 



14. 



Secti 
16. 



17- 

18. 



23- 

24. 



25. 
26. 



2d. 
29. 



Net present value of policies, how ascer- 
tained. 

How assets shall be distributed. 

Penalty for refusing to deliver books and 
property to Commissioner. 

Commissioner shall give bonds. 

Life insurance companies may consolidate 
or amalgamate. 

Conditions upon which it may be done. 

Powers and duties of the commission 
constituted. 

Compensation of part of the commission. 

Penalty for violating the provisions of this 
Act relating to amalgamations. 

Loans and investments, how made. 

No personal benefits allowed to directors 
or officers. 

Mortgages and stock collaterals alone 
permitted as security for loans. 

What securities are prohibited. 

Premium, notes allowed. 

Penalty for violating the provisions of 
this Act, relating to loans and invest- 
ments. 



Form of Annual Statement. 

Section 1. Every life insurance company chartered by this State 
shall, on or before the first day of March in each year, render to the 
Insurance Commissioner a report, signed and sworn to by its presi- 
dent and secretary, of its condition upon the preceding thirty-first 
day of December, which shall include a detailed statement of its 
assets and liabilities on that day ; the amount and character of busi- 
ness transacted, moneys received and expended during the year ; a 
descriptive list of all policies and contracts of insurance in force on 
that day; and such other information as the commissioner may deem 
necessary. 



Reinsurance Reserve — How Ascertained. 

Sec. 2. Upon receipt of such report, the commissioner shall make 
a valuation of the policies of each company, and ascertain the re- 
insurance reserve and surplus of every such company, computed upon 
the basis of the so-called "Actuaries' or Combined Experience Table 
of Mortality," with compound interest at four per cent, per annum ; 
and also upon the basis of the so-called "American Experience Table 
of Mortality," with compound interest at four and one-half 'per cent, 
per annum ; and he shall value only net premiums. 



12* LIFE INSURANCE COMPANIES. 

Dividends — How Made. Reinsurance Reserve. 

Sec. 3. Payments in the form of dividends, or otherwise, shall not 
-be made to its stockholders by any life insurance company organized 
under the laws of this State, unless its assets exceed, to the amount of 
such pa) r ment, the amount of its paid-up capital stock and all its 
liabilities, including its reinsurance reserve, computed upon the basis 
of the so-called "Actuaries' or Combined Experience Table of Mor- 
tality," with compound interest at four per cent, per annum : and no 
payments shall be made to the policy-holders of any such company 
except for matured claims, and in the purchase of surrendered policies, 
unless its assets exceed, to the amount of such payments, its liabilities, 
including its reinsurance reserve, computed as above, in this section 
provided ; but for all other purposes the reinsurance reserve of every 
such company shall be computed upon the basis of the so-called 
"American Experience Table of Mortality," with interest at four 
and one-half per cent, per annum. 

Penalty for Violating this Law. 

Sec. 4. Any officer or director of any such company who votes or 
assents to any payment either to stockholders or policy-holders in 
violation of any of the provisions of the preceding section, shall 
forfeit to this State the sum of five thousand dollars, to be recovered 
in any proper action brought in the name of the treasurer of this 
State. 

Triennial Examinations. 

Sec. 5. The Insurance Commissioner shall, at least once in three 
years, visit each life insurance company incorporated by this State, 
thoroughly examine its financial condition, and ascertain whether it 
has complied with all the provisions of law. 

Examination of Companies of other States. 

Sec. 6. He shall in like manner examine any life insurance com- 
pany not incorporated by this State, but doing business therein, 
whenever he has reason to doubt its solvency, and may employ such 
assistants as may be necessary in making the examination ; and all 
the expenses of an examination without the State shall be borne by 
the company examined. 

Access to Books and Papers. 

Sec. 7. For such purpose the commissioner shall have free access 
to all books and papers of any life insurance company doing business 
in this State, and may examine, under oath, its officers and agents, 



LIFE INSURANCE COMPANIES. *I3 

relative to its condition ; and if any company not incorporated by 
this State, or its officers or agents, refuse to submit to such examina- 
tion, or to comply with any provision of this article, the authority of 
such company to do business in this State shall be revoked. 

When New Company may Issue Policies. 

Sec. 8. No life insurance company hereafter incorporated by this 
State shall issue policies until, upon examination by the commissioner, 
it shall have been found to have complied with the laws thereof, nor 
until he shall have issued his certificate setting forth such fact, and 
authorizing such company to issue policies. 

Companies of Other States — How Admitted. 

Sec. 9. Any life insurance company organized out of this State, 
before being admitted to do business in this State, and on or before the 
first day of March annually, shall furnish to the Insurance Commis- 
sioner a certificate of the proper officers of the government by whose 
authority it is organized, setting forth a full copy of its report of its 
condition on the preceding thirty-first day of December, a valuation of 
its policies by said officers by a standard equivalent to that provided in 
the second and third sections of this article, and that it has complied 
with the laws of such government, and is authorized to transact busi- 
ness therein. If said commissioner be satisfied with said certificate, and 
if said company shall have complied with all other provisions of law, 
he shall thereupon issue his license to it to transact business in this 
State for one year from the first day of April following ; but no such 
license shall be issued unless such certificate is furnished, nor unless 
such government shall license life insurance companies incorporated by 
this State to transact business therein, upon a similar certificate from 
the Insurance Commissioner, until such company makes the report re- 
quired from companies incorporated by this State, and until a valuation 
of its policies shall have been made by the commissioner. 

Policies shall not be Issued without License. 

Sec. 10. No person shall issue or deliver in this State any policy or 
contract of insurance of such life insurance company, which is without 
a license, or after the revocation of its license. 

When Companies may be Dissolved. 

Sec. 11. If the Insurance Commissioner shall at any time find from 
any report, examination, or otherwise, that the assets of any life insur- 
ance company incorporated by this State are less than its liabilities, or 



14* LIFE INSURANCE COMPANIES. 

if such company shall fail to comply with any of the requirements of the 
law., he may notify it to cease the issue of new policies or the payment 
of dividends to stockholders and policy-holders, or both, until the de- 
ficiency be made good or the law complied with ; and he may, and if it 
appear to him that the assets of such company are less than three- 
fourths of its liabilities he shall, bring his petition to the Superior Court 
of the county in which the principal office of such company is located, 
if in session, and if not, to a judge of the Supreme Court of Errors, 
praying for the appointment of a receiver, and that the charter of such 
company may be annulled ; and said court or judge shall forthwith 
issue a citation to such company to appear at a day and place to be 
named therein, and answer to said petition ; and if upon the hearing 
of said petition said court or judge shall find the assets of such com- 
pany to be less than its liabilities, said court or judge may, and if the 
assets are found to be less than three-fourths of the liabilities shall, ap- 
point some disinterested person or persons to be receiver or receivers 
of such company ; and said court or judge may provide the mode of 
proving claims against such company, and appoint a committee to hear 
and decide upon them, and may limit and extend the time for the 
presentation of such claims, and may make all necessary orders in refer- 
ence to the delivery to and possession by such receiver of the assets and 
property of such company, and the sale and conveyance of the same 
by him, and may direct the application of the avails of such assets and 
property equitably in satisfaction of the claims proved against such 
company, and the payment of the present value of its outstanding pol- 
icies to policy-holders, either in whole or in part, or to the reinsurance 
of its outstanding policies in some solvent company; and said court or 
judge shall annul the charter and decree the dissolution of such com- 
pany, and may make all other orders and decrees necessary and proper 
in reference to winding up the affairs of such company and the dispo- 
sition of its property. 

Liabilities — How Ascertained. 

Sec. 12. The liabilities of any such company, for all the purposes 
of the proceedings mentioned in the preceding section, shall include 
the net present value of the policies of such company, or reinsurance 
reserve, ascertained as now required by law. 

On Repeal of Charter, Duty of Commissioner. 

Sec. 13. Whenever the charter of any life insurance company of 
this State shall be repealed, all the assets of such company shall vest 
in fee simple and absolutely in the Insurance Commissioner of this 



LIFE INSURANCE COMPANIES. *15 

State and his successors in office, Who shall hold and dispose of the 
same for the use and benefit of the creditors and policy-holders of such 
company, and such other persons as may be interested in such assets. 

Commissioner Shall Take Possession. 

Sec. 14. The Insurance Commissioner shall take immediate pos- 
session of the assets, books and papers, and collect the debts and 
claims due such company ; he shall sell and dispose of the real estate 
and other property of such company, and may execute in his own 
name, as Insurance Commissioner, all necessary and proper convey- 
ances of the same ; he may also in his own name, as Insurance 
Commissioner, maintain and defend all actions at law or in equity, 
relating to such company, its assets and business. 

How Claims Shall be Presented. 

Sec. 15. The Superior Court for the county in which the principal 
office of such company is located, upon the application of the Insur- 
ance Commissioner, shall limit and may extend the time for the pre- 
sentation of claims against such company, and notice thereof shall be 
given in such manner as said court shall direct ; and any creditor neg- 
lecting to present his claim within the time so limited shall be debarred 
of all right to share in the assets of such company. Said court shall 
appoint not more than three disinterested persons as commissioners to 
receive and decide upon the claims presented against such company, 
who shall give notice of the times and places of their meetings for that 
purpose, in such manner as said court shall prescribe ; and within 
one month after the expiration of the time so limited shall file with 
the clerk of said court a list of the claims presented to them, 
specifying those allowed and those disallowed. 

Value of Policies — How Ascertained. 

Sec. 16. The Insurance Commissioner shall ascertain the net pres- 
ent value of each policy in force in such company at the time of the 
repeal of its charter, and for that purpose shall use the "Actuaries' or 
Combined Experience Table of Mortality," with four per cent, 
compound interest ; and he shall file with the clerk of said court a 
certificate showing the net present value of each of said policies, and 
such net present value shall be the surrender value of each of said 
policies. 



16* LIFE INSURANCE COMPANIES. 



Distribution of Assets. 



Sec. 17. The Insurance Commissioner, under the direction of said 
court, shall apply the sums realized from the assets of such company, 
first to the payment of all the expenses of closing the business and 
disposing of the assets of such company ; secondly, to the payment of 
all lawful taxes and debts due to the State and the United States; 
thirdly, to the payment of the debts and claims allowed against such 
company and the surrender value of its policies, in proportion to their 
respective amounts ; and lastly, any sums remaining in the hands of 
the Insurance Commissioner after the payments have been made in 
full as herein provided, shall be disposed of in such manner as said 
court shall order and direct. And said court may make all orders 
and decrees necessary and proper in reference to the title, possession, 
disposition, and distribution of said assets, and the allowance and 
satisfaction of claims against such company, and in any other matter 
relating to its affairs and business. 

Penalty for refusing to deliver up Books, Papers, Etc. 

Sec. 18. Whenever by this act or by any other law of this State, 
general or special, the Insurance Commissioner is authorized or 
required to take possession of the assets of any life insurance company, 
any person who shall neglect or refuse to deliver to said commission- 
er, on demand, any books, papers, evidence of title or debt, or any 
property belonging to any such company in his possession or under 
his control, shall be punished by a fine of not more than ten thousand 
dollars, or by imprisonment in the county jail for a term not exceeding 
three years, or by such fine and imprisonment both. 

Commissioners shall give Bonds. 

Sec. 19. Before the Insurance Commissioner shall take possession 
of any of the books, papers, or assets of any life insurance company in 
accordance with the provisions of this act, or of any other act, general 
or special, he shall give bonds for the faithful discharge of his duties, 
in such sums and upon such conditions as may be required by the 
chief judge of the Supreme Court of Errors, and to the satisfaction of 
said judge. 

Amalgamation of Companies. 

Sec. 20. No life insurance company, incorporated by or organized 
under the laws of this State, shall consolidate or amalgamate with any 
other company, or reinsure its risks, or any part thereof, with any 
other company, or assume or reinsure the whole or any portion of 



LIFE INSURANCE COMPANIES. *17 

the risks of 'any other company except as hereinafter provided ; but 
nothing herein contained shall prevent any life insurance company 
from reinsuring a fractional part, not exceeding one-half, of any 
single risk. 

Mode of Amalgamation — Appointment of Commission. 
Sec. 21. Whenever any life insurance company shall propose to 
amalgamate or consolidate with any other company, or enter into any 
contract of reinsurance, it shall bring its petition to the Insurance 
Commissioner of this State, setting forth the terms and conditions of 
such proposed amalgamation, consolidation, or reinsurance, and pray- 
ing for the approval thereof, The Insurance Commissioner shall 
thereupon issue an order of notice, requiring notice to be given by 
mail to the policy-holders of such company, of the pendency of such 
petition and the time and place at which the same will be heard, and 
by publication of said order of notice and said petition in a daily 
newspaper, designated by said Commissioner, and published in each 
of the cities of Hartford, New Haven, and New York, for at least 
three weeks before the time appointed for the hearing upon said peti- 
tion. The Commissioner shall request the assistance of the Insurance 
Commissioners or Superintendents of two other States as experts, who, 
with the Insurance Commissioner of this State, shall form a commis- 
sion to hear said petition. At the time and place fixed in said notice, 
or at such time and place as shall be fixed by adjournment, said com- 
mission shall proceed with said hearing. The attendance of witnesses 
before said commission may be compelled by subpoena issued by any 
competent authority; and if any person shall refuse to appear before 
said commission in obedience to any subpoena served upon him, any 
justice of the peace, on application of said commission, may issue a 
capias to bring such person before them. Any policy-holder or stock- 
holder of the company or companies may appear before said commis- 
sion and be heard in reference to said petition. 

Powers and Duties of Commission. 
Sec. 22. Said commission, if satisfied that the interests of the 
policy-holders of such company or companies are properly protected, 
and that no reasonable objection exists thereto, may approve and 
authorize the proposed amalgamation, consolidation, or reinsurance; 
and said commission may make such order with reference to the dis- 
tribution and disposition of. the surplus assets of any such company, 
thereafter remaining, as shall be just and equitable. Such amalgama- 
tion, consolidation, or reinsurance shall only be approved by the 
consent of all the members of said commission, and it shall be the 



18* LIFE INSURANCE COMPANIES. 

duty of said commission to guard the interests of the policy-holders 
of any such company or companies proposing to amalgamate, con- 
solidate, or reinsure. 

Compensation of Commission. 

Sec. 23. Compensation of the Commissioners or Superintendents 
of other States, acting under the provisions of this act, shall be 
twenty-five dollars a day for the time they are actually employed, to 
be paid, together with the expenses and costs incident to said hearing, 
by the company or companies bringing said petition. 

Penalty for Violating Law. 

• Sec. 24. Any officer, director, or stockholder of any life insurance 
company violating or consenting to the violation of the four preced- 
ing sections shall be punished by fine not less than ten thousand dol- 
lars, and by imprisonment in the common jail not less than one year. 

Loans and Investments, How Made. 

Sec. 25. No loan or investment shall be made by any life insur- 
ance company of this State without the unanimous approval of its 
finance or executive committee, or the approval of a majority of the 
directors of such company present at any meeting of such directors, 
and the name of every director approving or disapproving any loan 
or investment so made shall be entered upon the records of the 
company. 

Personal Benefit of Directors and Officers. 

Sec. 26. No director or officer of a life insurance company shall 
receive any money or valuable thing for negotiating, procuring, or 
recommending any loan from such company, or for selling or aiding 
in the sale of any stocks or securities to or by such company. 

Premium Notes not Prohibited. 

Sec' 29. This act shall not prevent any company from taking pre- 
mium notes, or giving credit for part of its premiums, in accordance 
with its usual course of business. 

Penalty for Violating the Act Relating to Loans. 

Sec. 30. Any officer or director of a life insurance company con- 
senting to a loan or investment in wilful violation of the provisions of 



ACTS PASSED JANUARY SESSION, 1881, *19 

the five preceding sections, shall be personally liable to the company 
for any loss which may be sustained by such investment or loan, to be 
recovered by an action brought by the Insurance Commissioner of 
this State, on complaint of any policy-holder, or stockholder in the 
company suffering thereby. 



[Acts Passed January Session, 1881.] 
CHAPTER XVII. 

AN ACT AMENDING AN ACT RELATING TO INSURANCE COMPANIES. 

Be it enacted by the Senate and House of Representatives in General 
Assembly Convened : Section 1. No portion of the capital, assets, or 
income of any life insurance company of this State shall hereafter be 
used in the purchase of the stocks or bonds of any mining or manu- 
facturing company in any event, nor in the purchase of the stocks or 
bonds of any other private corporation upon which last-mentioned 
stocks a regular dividend shall have been passed, or upon which last- 
mentioned bonds a regular interest payment shall have been defaulted 
at any time within three years prior to such investment ; provided, 
that no investment shall be made by said companies in any of the 
stocks or bonds last above referred to which have not been issued for 
the space of three years prior to such investment, or which have not 
a market value equal to the par value thereof, unless the written ap- 
proval by the Insurance Commissioner of such investment shall first 
have been obtained. And no loan shall be made by any such com- 
pany upon the security of the stock of any mining company. And no 
loan shall be made by any such company upon the security of the stock 
of any manufacturing company unless the same shall be accompanied 
by the individual guarantee of some responsible party or parties, or 
by other collateral security of equal value to the amount of the sum 
loaned. 

Sec. 2. Section twenty-eight of article three of " An Act relating 
to Insurance Companies," being chapter sixty- three of the public acts 
of 1879, which reads as follows: "Section 28. No portion of the 
capital, assets, or income of such company shall hereafter be used in 
the purchase of the stocks or bonds of any mining or manufacturing 
company or of any other private corporation, unless the market value 
of the stocks or bonds of such other private corporation shall be equal 
to the par value thereof, and upon which dividends or interest shall 
have been regularly paid for three years prior to such investment or 



20* ACTS PASSED JANUARY SESSION, 1881. 

loan ; nor shall any loan be made by any such company upon any 
securities, the purchase of which by it is by this act prohibited," is 
hereby repealed ; provided, however, that said section hereby repealed 
shall remain in full force as to all past transactions and for the purpose 
of prosecuting to final judgment all violations of it. 

Sec. 3. Any officer or director of a life insurance company con- 
senting to a loan or investment, in wilful violation of the provisions 
of this act, shall be personally liable to the company for any loss 
which may be sustained by reason of such investment or loan, to be 
recovered by an action brought by the Insurance Commissioner of 
this State on complaint of any policy-holder or stockholder in the 
company suffering thereby. 

Sec. 4. This act shall take effect from its passage. 

Approved, March 9, 1881. 



CHAPTER XXV. 

AN ACT AMENDING AN ACT RELATING TO INSURANCE COMPANIES. 

Be it enacted by the Senate and House of Representatives in General 
Assembly convened : Section 1. That section twenty-seven, article 
third, chapter sixty-three of the public acts of 1879, approved March 
twenty-seventh, 1879, which provides that "no loan shall hereafter be 
made of the capital, assets, or income, or any portion thereof, of any 
life insurance company incorporated by, or organized under, the laws 
of this State, unless such loan shall be secured by mortgage of unen- 
cumbered real estate, worth at least double the amount loaned thereon ; 
or by pledge of bonds or stocks as collateral having a market value at 
least twenty-five per cent, in excess of the amount loaned thereon," 
be, and hereby is, amended by adding after the last word of said sec- 
tion the following, viz.: provided, however, that such life insurance 
company may make such loan upon pledge of United States Govern- 
ment bonds and bonds of the State of Connecticut, at par, so that the 
same, when amended, shall read as follows, viz. : 

" No loan shall hereafter be made of the capital, assets, or income, 
or any portion thereof, of any life insurance company incorporated 
by, or organized under, the laws of this State, unless such loan shall 
be secured by mortgage of unencumbered real estate worth at least 
double the amount loaned thereon ; or by pledge of bonds or stocks 
as collateral, having a market value at least twenty-five per cent, 
in excess of the amount loaned thereon ; provided, however, that such 



ACTS PASSED JANUAKY SESSION", 1881. "^21 

life insurance company may make such loans upon pledge of United 
States Government bonds, and bonds of the State of Connecticut, at 
par." 

Sec. 2. Any officer or director of a life insurance company con- 
senting to a loan or investment in wilful violation of the provisions 
of this act shall be personally liable to the company for any loss which 
may be sustained by an investment or loan, to be recovered by an 
action brought by the Insurance Commissioner of this State, on com- 
plaint of any policy-holder or stockholder of the company suffering 
thereby. 

Sec. 3. This act shall take effect from its passage. 

Approved, March 16, 1881. 



CHAPTER CXVI. 

AN ACT CONCERNING LIFE AND ACCIDENT INSURANCE COMPANIES. 

Be it enacted by the Senate and House of Representatives in General 
Assembly convened : Section 1. Whenever it shall come to the knowl- 
edge of the Insurance Commissioner that any company or association 
under his supervision, doing a business within this State upon the 
assessment or co-operative plan of insurance or indemnity, has failed 
to collect the necessary sum by assessment to make full payment of the 
maximum amount named in any contract, it shall be the duty of the 
Insurance Commissioner to notify said company or association to 
cease doing new business unless it shall thereafter use in the solicita- 
tion thereof only such application forms as shall bear, printed in red 
ink in a conspicuous manner along the margin of said application 
forms, the words, "it is understood and agreed that the amount to be 
paid, when the certificate issued upon this application becomes a 
claim, shall be dependent upon the amount collected from an assess- 
ment made to meet such claim," and every company or association 
shall immediately conform to the provisions of this section when- 
ever so notified. 

Sec. 2. Every company or association violating the provisions of 
this act shall be fined not less than one hundred nor more than five 
hundred dollars. 

Sec. 3. This act shall take effect from its passage. 

Approved, April 25, 1882. 



22* ACTS PASSED JANUARY SESSION", 1881. 

CHAPTER CXII. 

AN ACT RELATING TO INVESTMENTS OF LIFE INSURANCE COMPANIES. 

Be it enacted by the Senate and House of Representatives in General 
Assembly convened : In all cases in which any life insurance company 
of this State shall have legally acquired by mortgage, deed of trust, or 
foreclosure, or in any manner, in payment of a debt previously con- 
tracted, any mining or manufacturing property, real or personal, situ- 
ated in this State or elsewhere, it shall be lawful for said insurance 
company, upon the sale of said property, to take in payment or part 
payment therefor the stocks or bonds of any company or corporation 
purchasing said property. 

Approved, April 13, 1881. 



CHAPTER LXIII. 

AN ACT RELATING TO ACCIDENT INSURANCE. 

Be it enacted by the Senate and House of Representatives in General 
Assembly convened: Section 1. Any company chartered by and now 
doing business in this State, and empowered to make contracts con- 
tingent upon life, is hereby authorized to issue policies or certificates 
insuring or protecting persons against loss of life or personal injury 
resulting from any cause, which policies or certificates shall state on 
their face the agreement with the persons receiving the same, and 
when executed in accordance with the charter and by-laws of said 
company shall be binding upon the same. 

Sec. 2. All certificates heretofore issued by any company named 
in the first section of this act, protecting persons against loss of life 
or personal injury, are hereby validated. 

Sec. 3. This act shall take effect from its passage. 

Approved March 30, 1882. 



GENERAL PROVISIONS. 



'23 



ARTICLE IV. 



General Provisions. 



3- 



Section 

i. Companies of other States or nations to 

appoint Insurance Commissioner for 

attorney. 
2. Revocation of licenses. 

How companies may consolidate. 

Value of stock of original companies, how 

ascertained. 
Capital of consolidated company. 
Certificates of consolidation. 
Premium notes, when subject to set off: 

mutual insurance, how conducted. 
Suits against companies, not to be lim- 
ited to less than one year. 
Reciprocal obligations of companies of 

other States and foreign countries. 
Treasurer may receive and hold securities. 
Treasurer may make annual examination 

of securities. 
Fees of treasurer for such services. 



Section 

13. Securities, how withdrawn. 

14. Substitution of other bonds and require- 

ments as to future deposits. 

15. Agents of companies of other States, not 

to act till laws complied with. 

16. False returns and false entries ; penalty 

for making. 

17. Reciprocal taxation and fees. 

18. Returns of prenrum receipts ; tax on same. 

19. False statements of fire insurance com- 

panies. 

20. Advertisements shall correspond with 

verified statements. 

21. Penalty for making false statements. 

22. The term agent defined. 

23. Proxies confined to one use. 

24. All forms of insurance come under this 

law. 

25. Penalty for violations of law. 



An Act Relating to Service of Process upon Insurance 
Companies of Other States. 



Be it enacted by the Senate and Hotise of Representatives in General 
Assembly convened: 

Section 1. No insurance company or association, organized under 
the laws of any other State or foreign country, shall directly or indi- 
rectly issue policies, take risks, or transact business in this State, until 
it shall have first appointed in writing the Insurance Commissioner of 
this State to be the true and lawful attorney of such company or asso- 
ciation in and for this State, upon whom all lawful process, in any 
action or proceeding against the company may be served with the 
same effect as if the company existed in this State. Said power of 
attorney shall stipulate and agree on the part of the company that any 
lawful process against the company which is served on said attorney 
shall be of the same legal force and validity as if served on the com- 
pany, and that the authority shall continue in force so long as any 
liability remains outstanding against the company in this State. A 
certificate of such appointment, duly certified and authenticated, shall 
be filed in the office of the Insurance Commissioner, and copies certi- 
fied by him shall be deemed sufficient evidence. Service upon such 
attorney shall be deemed sufficient service upon the principal. 

Sec. 2. Whenever lawful process against an insurance company 
shall be served upon the Insurance Commissioner, he shall forthwith 
forward a copy of the process served on him, by mail, post-paid, and 



24* GENERAL PROVISIONS. 

directed to the secretary of the company, or in the case of companies 
of foreign countries, to the resident manager, if any, in this country. 
For each copy of process, the commissioner shall collect the sum of 
two dollars, which shall be paid by the plaintiff at the time of such 
service, the same to be recovered by him as part of the taxable costs, 
if he prevails in the suit. 

Sec. 3. All acts and parts of acts inconsistent herewith are hereby 
repealed, but this repeal shall not affect any liability already incurred 
under said acts, or the remedies for recovering or enforcing the same. 
All attorneyships now in force shall continue in full force and effect 
until a new appointment is made and filed as provided in the first 
section of this act. 

Approved, April 12, 1882. 

Revocation of License. 
Sec. 2. When the Insurance Commissioner shall find that any 
insurance company not incorporated by this State is unsound, esti- 
mated in the manner prescribed in the eleventh section of article 1 
of this act, he shall revoke its license, and cause notice thereof to be 
published in two daily newspapers, printed one in Hartford and one 
in New Haven, at least one week; and he may reissue such license 
when he shall be satisfied of its soundness ; and no agent of such 
company shall, after the first publication of such notice, issue or 
renew any policy of insurance in its behalf. 

How Companies may Consolidate. 
Sec. 3. When the stockholders of any fire insurance company 
shall vote to consolidate with any other similar company, and the 
stockholders of both companies shall agree to such consolidation, and 
determine under which corporate organization and name their busi- 
ness shall be conducted, they shall be consolidated under the corpo- 
rate organization and name thus chosen, and thereupon all rights and 
property of both of said companies shall become the property of the 
corporation composed of such companies, and said last-named 
corporation shall be liable for the outstanding obligations of such 
companies. 

Valuation of Original Stock. 
Sec. 4. Upon such consolidation, the value of each share of the 
capital stock of each of them shall be ascertained through a valuation 
of all its assets and liabilities at the time of such consolidation, and 
new shares (and, when necessary, parts of shares) of the consolidated 
company shall be apportioned to each stockholder, equal to the value 



GENERAL PROVISIONS. *25 

of his shares in either of the original companies ; and such shares so 
apportioned shall be substituted for the shares in such companies; 
and all certificates of shares in said original companies shall be sur- 
rendered when new certificates shall be issued. 

Limit of Capital Stock. 

Sec. 5. The capital stock of the consolidated company shall not 
exceed the aggregate authorized capital of the original companies. 

Certificate of Consolidation. 

Sec. 6. The president and directors of such consolidated com- 
pany shall, within thirty days after such consolidation, file a certifi- 
cate in the office of the Secretary of State, stating such consolidation, 
and the name and charter adopted. 

Premium Notes of Mutual Companies. 

Sec. 7. When any inhabitant of this State shall effect insurance in 
any fire insurance company, and give a premium note, the policy and 
note shall constitute one contract, and every equitable claim of the 
maker thereof upon said company may be set off against said note in 
the hands of a third party ; and when any such company becomes in- 
solvent, the maker shall be liable on said note for only the equitable 
proportion thereof, for such part of the term of insurance as said 
company continued solvent ; and if the insolvency occurs within 
sixty days after its date, said note shall be void, except for any 
amount for which the maker may have a claim on said company. All 
mutual fire insurance companies (except those otherwise authorized 
by their charters) shall take premium notes for the obligations of the 
assured; and assessments shall be for losses only, and upon said 
notes, and when paid shall be in payment, in whole or in part, as the 
case may be, of such notes. 

Limit of Time for Bringing Suits. 

Sec. 8. No insurance company shall limit the term within which 
any suit shall be brought against it to a period less than one year from 
the time when the loss insured against shall occur. 

Reciprocal Obligations. 

Sec. 9. When any other State shall impose any obligation upon 
insurance companies of this State or their agents transacting business 
in such other State, the like obligations are hereby imposed upon 
similar companies of such other State and their agents transacting 



26* GENERAL PROVISIONS. 

business in this State ; and such companies of other States, and their 
agents, shall pay all penalties to, and make deposits with, the State 
treasurer. 

Treasurer to Hold Securities. 

Sec. 10. When any State shall require insurance companies of 
other States to deposit with some officer of such other State securities 
in trust for policy-holders of such companies as a prerequisite to their 
transacting business in such State, the treasurer of this State may re- 
ceive from any insurance company of this State the securities required 
by the laws of such other States on deposit, and hold the same in trust 
for the policy-holders of such company ; but it may collect and re- 
ceive the interest and dividends thereon, and withdraw them on de- 
positing with the said treasurer other securities of like character and 
value. The treasurer shall issue a certificate, under seal, of such de- 
posit for each State which shall require the same, which shall state 
the items and amount of securities thus deposited, and that he is sat- 
isfied that they are of the market value represented therein ; but no 
securities shall be estimated above the par value of the same, nor shall 
any such securities be withdrawn except as provided in this section. 

Treasurer to Examine Securities. 

Sec. ii, An examination shall be annually made by the treasurer 
of the securities held by him in trust, as aforesaid, from each insur- 
ance company ; and if it shall appear at any time that they amount to 
less than the sum required for the purposes for which such deposit was 
made, he shall notify said company thereof, and, unless the deficiency 
is made up within thirty days, shall countermand all the certificates 
he may have issued to said company under the preceding section, and 
give notice thereof to the officers of the States to whom said certifi- 
cates may have been transmitted, and publish said notice in one 
newspaper printed in Hartford and one printed in New Haven, for 
three weeks successively. 

Fees of Treasurer. 

Sec. 12. Each insurance company so depositing securities with the 
treasurer shall pay him twenty-five dollars annually in lieu of all fees 
for such services, except in cases where it shall be necessary to make 
an examination out of his office ; for each of which such special exam- 
inations and appraisals he shall be paid by the company in whose be- 
half the service is performed ten dollars and his actual traveling ex- 
penses, in lieu of other fees. 



GENERAL PROVISIONS. *27 

Securities — How Withdrawn. 

Sec. 13. When said company shall have caused all its unexpired 
policies to be paid, canceled or reinsured, and all its liabilities under 
such policies thereby to be extinguished, or to be assumed by some 
other responsible company having a similar deposit with said treas- 
urer, he shall, on application of such company, verified by the oath 
of its president or secretary, and on being satisfied, by an examination 
of its books and of its officers under oath, that all its policies are so 
paid, canceled, extinguished, or reinsured, deliver up to it such 
securities. 

Substitution of Securities. 

Sec. 14. [Repealed in 1884.] 

Agents must Comply with the Laws. 

Sec. 15. No person shall, in this State, act as agent of any insur- 
ance company or association, organized under the laws of any other 
State, until he shall have in all respects complied with the laws of this 
State. 

Penalty for Making False Reports, Etc. 

Sec. 16. Every person who shall, upon oath or affirmation legally 
administered to him, wilfully and corruptly make false report or tes- 
tify or affirm falsely to any material fact in any matter wherein an 
oath or affirmation is by this act required or authorized, shall be im- 
prisoned in the state prison not less than one nor more than three 
years. And every person who shall make any false entry or memo- 
randum upon any of the books or papers of any insurance company, 
with intent to deceive, shall be imprisoned in the state prison not less 
than one nor more than three years. 

Reciprocal Taxation and Fees. 

Sec. 17. Every insurance company or association incorporated by 
or organized under the laws of any other State, and admitted to 
transact business in this State, and each agent of every such insurance 
company, shall pay the same fees and taxes to the treasurer of this 
State as are imposed by such other State upon any similar insurance 
companies incorporated by or organized under the laws of this State, 
or upon the agents of any such companies transacting business in 
such other State. 



28* GENERAL PROVISIONS. 

Premium Receipts — How Taxed. 

Sec. 1 8. Every agent of any such insurance company admitted to 
transact business in this State shall return annually, on or before the 
tenth day of January, under oath, to the Insurance Commissioner, the 
gross amount of premiums collected by him for the year previous ; 
and upon receiving from said commissioner a certificate of the accept- 
ance of said return and of the amount of tax due thereon, shall pay 
the same to the treasurer of the State, on or before the twentieth day 
of January annually ; and every such agent and every agent of a for- 
eign insurance company shall retain from the premiums collected by 
him the tax due or to become due thereon. 

False Statements of Companies Prohibited. 

Sec. 19. No company, corporation, or association authorized to 
transact the business of fire insurance within this State shall state or 
represent, either by advertisement in any newspaper, magazine, or 
periodical, or by any sign, circular, card, policy of insurance, or cer- 
tificate of renewal thereof, any funds or assets to be in its possession 
not actually possessed by it, and available for the payment of losses 
by fire and held for the protection of holders of their policies of fire 
insurance. The advertising of subscribed capital not actually paid up 
in cash shall be construed as a violation of the provisions of this act. 

Advertisements must Correspond with Official Statements. 

Sec. 20. Every advertisement or public announcement, and every 
circular or card hereafter made or issued by any company, corpora- 
tion, or association, authorized to transact the business of fire insur- 
ance within this State, which shall purport to make known the finan- 
cial standing of any such company, corporation, or association, shall, 
in all particulars which it purports to give, correspond' with the last- 
preceding verified statement made by said company, corporation, or 
association, to the insurance department of this State. 

Penalty for Making False Statements. 

Sec. 21. Every person or corporation violating any provision of 
the two preceding sections of this act shall, for the first offense, forfeit 
and pay to this State five hundred dollars ; and for every subsequent 
violation of any provision of such sections, shall forfeit and pay to the 
State one thousand dollars. 



general provisions. *29 

The Term Agent Defined. 

Sec. 22. The term agent or agents used in this act shall include 
an acknowledged agent or surveyor, and any person or persons who 
shall in any manner aid in transacting the business of an insurance 
company. 

Proxies Limited to One Use. 

Sec. 23. No power of attorney to vote at any meeting of any life 
insurance company shall be used at more than one meeting of such 
corporation. 

. All Forms of Insurance Subject to this Act. 

Sec. 24. The provisions of this act shall be applicable to all forms 
of insurance and to all insurance companies, associations, corpora- 
tions, partnerships, individuals,* or association of individuals, doing 
or attempting to do business under any charter, compact, or agree- 
ment making a guaranty, contract, or pledge of insurance ; and to all 
chartered mutual benefit companies, so far as the nature of the busi- 
ness of the same may admit. But the provisions of section two, arti- 
cle three, of this act shall not apply to policies or certificates in 
which the amount of insurance or .benefit is determined by an assess- 
ment collected from the surviving and associated holders of like poli- 
cies or certificates, and not by a guaranty or pledge of insurance irre- 
spective of the amount thus collected ; provided, that any amounts 
collected upon such assessments, until expended for the purpose for 
which it was collected, shall be charged as a liability against the com- 
pany or association holding the same. 

Penalty for Violation of Law. 

Sec. 25. Every person or corporation violating any provision of 
this act, for which no other penalty is provided or provision made, 
shall be fined not less than one hundred dollars nor more than five 
hundred dollars. 



CHAPTER XCIII. 

AN ACT RELATING TO INSURANCE AGENTS. 

Be it enacted by the Senate and House of Representatives in General 
Assembly convened : 
Section 1. No person shall act as agent for any insurance com- 
pany or association incorporated by or organized under the laws of 
any other State of the United States or any foreign country, directly 



30* GENERAL PROVISIONS. 

or indirectly taking risks or transacting the business of life insurance 
in this State, without procuring from the Insurance Commissioner, 
under a penalty of not less than one hundred dollars nor more than 
five hundred dollars, a certificate of authority stating that such com- 
pany or association has complied with all the laws of this State rela- 
tive to such companies or associations, which certificate shall con- 
tinue in force until the thirty-first day of March next after its issue, 
unless revoked for cause. 

Sec. 2. Any insurance agent or any insurance broker who, in this 
State, solicits or procures policies or risks of insurance from or in any 
stock fire insurance company or association, or from or in any life or 
accident insurance company or association, organized under the laws 
of any other State of the United States, or of any foreign government, 
except such risk be upon his own property or person, or who, in any 
manner, except as aforesaid, aids the transaction of business in this 
State by any such company or association that has neglected or re- 
fused to comply with the requirements of the laws of this State relat- 
ing to such companies or associations, shall be fined not more than 
one thousand dollars ; provided, however, that the Insurance Com- 
missioner, upon the payment of a fee of twenty dollars, may issue a 
license to continue in force, unless revoked, until the first day of 
April next following, which license shall be revokable at pleasure, to 
any person permitting the person named in said license to procure 
policies of fire insurance on property in this State in companies or 
associations which have not complied with the laws of this State rela- 
tive to such companies or associations. 

Sec. 3. No person shall act under such license until he make and 
file in the office "of the Insurance Commissioner an affidavit that he is 
unable to procure in companies admitted to do business in this State 
the amount of insurance necessary to protect the property to be in- 
sured under such license. Such person shall keep a separate account 
of the business done under such license, which account shall at all 
times be open to the inspection of the Insurance Commissioner, and 
shall annually, on or before the tenth day of January, file in the office 
of the Insurance Commissioner a sworn statement showing : first, the 
exact amount of insurance placed for each person, firm, or corpora- 
tion, under such license ; second, the gross premiums charged there- 
on ; third, in what company or companies, association or associa- 
tions ; fourth, the date of the policy or policies ; and fifth, the terms 
thereof. 

Sec. 4. Each person acting under such license shall pay to the 
treasurer of this State annually on or before the twentieth day of Jan- 



GENERAL PROVISIONS. *31 

uary, a sum equal to three per cent, of the gross premiums charged 
for insurance procured or placed under such license. 

Sec. 5. This act shall not be construed to apply to fraternal asso- 
ciations dispensing aid or benefits to its members or their heirs. 



CHAPTER CIV. 

AN ACT IN RELATION TO ASSESSMENT INSURANCE. 

Be it enacted by the Senate and House of Representatives in General 
Assembly convened : 

Section 1. It shall not be lawful for any corporation or association 
organized under other authority than the laws of this State, for the 
purpose of furnishing life or accident insurance or indemnity upon 
the assessment plan, to do any business in this State or for any per- 
son to act within this State as agent in soliciting, procuring, receiving 
or transmitting any application for membership or insurance, in or 
for or on behalf of any corporation or association, unless such cor- 
poration or association shall be authorized to do business in this 
State, and such agent licensed by the Insurance Commissioner as 
hereinafter provided. 

Sec. 2. Any corporation or association organized under the laws 
of any other State of the United States for the purpose of furnishing 
life or accident insurance or indemnity upon the assessment plan, or 
that is carrying on the business of life or accident insurance upon the 
assessment plan, shall receive from the Insurance Commissioner of 
this State a certificate that it has complied with the provisions of this 
act, and is authorized to do business in this State whenever such cor- 
poration or association shall deposit with him a certified copy of its 
charter or articles of incorporation, a copy of its statement of busi- 
ness for the year ending the thirty-first day of the next preceding 
December, sworn to by the president and secretary or like officers 
thereof, setting forth the number and amount of certificates of mem- 
bership or policies in force, and a detailed account of its expendi- 
tures, income, assets and liabilities, and also a certificate sworn to by 
the president and secretary or like officers thereof, setting forth that 
it has paid and has the ability to pay its certificates or policies to the 
full limit named therein ; that it does not issue certificates or policies 
of life insurance upon the lives of persons who are more than sixty- 
five years of age; that its certificates or policies are payable only to 
beneficiaries having a legal insurable interest in the life of the mem- 
ber or insured ; that an ordinary assessment upon its members is 



32* GENERAL PROVISIONS. 

sufficient to pay its maximum certificate of membership or policy 
theretofore issued, if any, or thereafter to be issued to residents of 
this State, to the full amount or limit named therein ; a certificate 
from the Insurance Commissioner or other like officer charged with 
the duty of executing the insurance laws of the State where said cor- 
poration or association is organized, certifying that it is legally enti- 
tled to do business ; and that corporations chartered under the laws 
of this State, and engaged in the business of life or accident insurance 
or indemnity on the assessment plan are legally entitled to do busi- 
ness in that State ; a copy of the application for membership or insur- 
ance, and a copy of the form of certificate of membership or policy, 
and of each form thereof, if more than one form is used ; and a copy 
of the constitution and by-laws. 

Sec. 3. No corporation or association organized under the laws of . 
any other State shall directly or indirectly transact business in this 
State until it shall have first appointed in writing the Insurance Com- 
missioner of this State to be the true and lawful attorney of such cor- 
poration or association in and for this State, upon whom all lawful 
process in any action or proceeding against the corporation or asso- 
ciation may be served with the same effect as if the corporation or 
association existed in this State. Said power of attorney shall stipu- 
late and agree on the part of the corporation or association that any 
lawful process against the corporation or association which is served 
on said attorney shall be of the same legal force and validity as if 
served on the corporation or association, and that the authority shall 
continue in force so long as any certificate of membership or policy 
remains outstanding against the corporation or association in this 
State. A certificate of such appointment duly certified and authenti- 
cated shall be filed in the office of the Insurance Commissioner, and 
copies certified by him shall be deemed sufficient evidence. Service 
upon such attorney shall be deemed sufficient service upon the 
principal. 

Sec. 4. Whenever lawful process against a corporation or associa- 
tion shall be served upon the Insurance Commissioner, he shall forth- 
with forward a copy of the process served on him by mail, post-paid, 
and directed to the secretary of the corporation or association. For 
each copy of process the commissioner shall collect the sum of two 
dollars, which shall be paid by the plaintiff at the time of such service, 
the same to be recovered by him as part of the taxable costs, if he 
prevails in the suit. 

Sec. 5. After authorizing such corporation or association to do 
business in this State, as provided in this act, the Insurance Commis- 



GENERAL PRO VISIONS. *33 

sioner shall issue licenses to agents thereof, to be designated by the 
corporation or association, authorizing them to act as such agents for 
the term of one year ; but such licenses must be renewed annually on 
or before the first day* of March. 

Sec. 6. The Insurance Commissioner shall examine into the con- 
dition, affairs and management of any corporation or association 
applying for admission or doing business in this State under the pro- 
visions of this act, and the necessary expense of any such examination 
made or ordered to be made by said commissioner shall be certified 
to by him and paid by the corporation or association so examined. 
And if upon any such examination or otherwise the Insurance Com- 
missioner shall at any time ascertain that an ordinary assessment upon 
the members of any such corporation or association shall not be suffi- 
cient to pay its maximum certificate of membership to the full limit, 
and that assessments made upon its members at the rate at which they 
are liable to be assessed, together with its available funds, are not 
sufficient to pay in full its certificates as they become due, or that 
such corporation or association has failed to pay to the maximum 
amount named in any certificate when it became due, or that it is- 
conducting its business fraudulently, or that it is not carrying out its- 
contracts with its members in good faith, it shall be his duty to refuse- 
such application for admission or forthwith to revoke all authority 
previously given to such corporation or association, and all its agents, 
to do business in this State, and to publish such revocation in some 
newspaper published in this State. 

Sec. 7. The Insurance Commissioner is hereby authorized and 
empowered to address any inquiries he may deem proper to any cor- 
poration or association which may be authorized to do business in 
this State under the provisions of this act, in relation to its business 
or condition, and it shall be the duty of the officers of such corpora- 
tion or association so addressed to promptly reply in writing to all 
such inquiries under the oath of its president and secretary or other 
like officers, and in case of a failure or refusal of such officers to so 
reply, the Insurance Commissioner may suspend or revoke all au- 
thority to such corporation or association and all its agents to do 
business in this State. 

Sec. 8. The Insurance Commissioner, upon application by cor- 
porations chartered under the laws of this State, shall issue to such 
corporations certificates that corporations, associations or societies 
chartered by other States, furnishing life or accident insurance or in- 
demnity on the assessment plan who have complied with the provis- 
ions of this act are legally entitled to do business in this State, 
c 



34* GENERAL PROVISIONS. 

Sec. 9. Whoever solicits, procures or receives in or transmits from 
this State any application other than his own, for membership or in- 
surance in any corporation or association embraced by the first sec- 
tion of this act, shall be deemed and held to be an agent of such cor- 
poration or association within the meaning of this act. 

Sec. 10. Any person who shall transact business for any corpora- 
tion or association embraced by the first section of this act as an 
agent thereof within the meaning of this act, without first procuring 
and having a license from the Insurance Commissioner to act as such 
agent, or after such license has been suspended or revoked, shall be 
fined not less than one hundred dollars nor more than five hundred 
■dollars for each offence. 

Sec. 11. Every corporation or association which may be doing 
business in this State under the provisions of this act shall, on or be- 
fore the first day of March in each year after it commences to do 
business in this State, make and file with the Insurance Commissioner 
of this State a report of its affairs and operations during the year 
ending the thirty-first day of December next preceding. Such annual 
reports shall be made upon blank forms, to be provided and furnished 
by the Insurance Commissioner, and shall be verified under the oath 
of the president and secretary or other like officers, and shall be pub- 
lished, or the substance thereof, in his annual report, by the Insurance 
■Commissioner. 

Sec. 12. Every corporation or association incorporated by or 
organized under the laws of any other State, and admitted to transact 
business in this State, and each agent of every such corporation or 
association, shall pay the same fees and taxes to the Insurance Com- 
missioner of this State as are imposed by such other State upon any 
similar corporations or associations incorporated by or organized 
under the laws of this State, or upon the agents of any such corpora- 
tions or associations transacting business in such other State. 

Sec. 13. When any other State shall impose any obligation upon 
•corporations or associations of this State, or 'their agents transacting 
business in such other State, the like obligations are hereby imposed 
upon similar corporations or associations of such other State and their 
agents transacting business in this State ; and such corporations or 
associations of other States, and their agents, shall pay all penalties to 
and make deposits with the State treasurer. 

Sec. 14. If such corporation or association shall, at any time, fail 
or refuse to make the annual report, or shall neglect for more than 
thirty days to pay any final judgment rendered against it in the 
courts of this State, the Insurance Commissioner shall forthwith sus- 



GENERAL PROVISIONS. *35 

pend or revoke all authority to such corporation or association, and 
all its agents, to do business in this State, and shall publish such re- 
vocation in some newspaper published in this State. 

Sec. 15. Nothing in this act contained shall be construed to apply 
to any secret or fraternal society, nor to any association organized 
solely for benevolent and charitable purposes, whose members are 
employed by one or more similar .corporations or institutions, or 
whose membership is confined to one trade, art or profession. 

Sec. 16. This act shall take effect from its passage. 



CHAPTER CVII. 

AN ACT RELATING TO THE GIVING OF BONDS REQUIRED BY LAW. 

Be it enacted by the Senate and House of Representatives in General 
Assembly convened : 

Section 1. Any company with a paid-up capital of not less than 
Jive hundred thousand dollars, incorporated and organized under the 
laws of any State of the United States, solely for the purpose of trans- 
acting business as surety on obligations of persons or corporations, 
and which has complied with all the requirements of the law regu- 
lating the admission of such companies to transact business in this 
State, may, upon production of evidence of solvency and credit satis- 
factory to the judge, head of department or other officer authorized 
to approve such bond, be accepted as surety upon the bond of any 
person or corporation required by the laws of this State to execute a 
bond, in lieu of any surety or sureties as now required by law, and 
such company may be released from its liability on the same terms and 
conditions as are by law prescribed for the release of individuals, it 
being the true intent and meaning of this act to enable corporations 
created for that purpose to become the surely on bonds required by 
law, subject to all the rights and liabilities of private persons. 

Sec. 2. Any court or officer whose duty it is to pass upon the 
account of any person or corporation required by law to give a bond, 
may, whenever such person or corporation has given any such surety 
company as surety upon said bond, allow in the settlement of such 
account a reasonable sum for the expense of procuring such surety. 

Sec. 3. Any company which shall execute any bond as surety 
under the provisions of this act shall be estopped in any proceedings, 
to enforce the liability which it shall have assumed to incur, to deny 
its corporate power to execute such instrument or assume such 
liability. 



36* GENERAL PROVISIONS. 

Sec. 4. This act shall take effect from the date of its approval. 
Approved, April 22, 1885. 



CHAPTER Cyill. 

AN ACT RELATING TO CORPORATE SURETYSHIP. 

Be it enacted by the Senate and House of Representatives in General 
Assembly convened : 

Section 1. Any company incorporated and organized under the 
laws of any State of the United States other than this State, for the 
purpose of transacting business as surety on obligations of persons or 
corporations, may transact such business in this State upon complying 
with the provisions of this act and not otherwise. 

Sec. 2. No such company, not incorporated under the authority 
of this State, shall directly or indirectly take risks or transact business 
in this State until it shall have first appointed, in writing, the Insur- 
ance Commissioner of this State to be the true and lawful attorney of 
such company in and for this State, upon whom all lawful process, in 
any action or proceeding against the company, may be served with 
the same effect as if the company existed in this State. Said power 
of attorney shall stipulate and agree on the part of the company that 
any lawful process against the company which is served on said attor- 
ney shall be of the same legal force and validity as if served on the 
company, and that the authority shall continue in force so long as 
any liability remains outstanding against the company in this State. 
A certificate of such appointment, duly certified and authenticated, 
shall be filed in the office of the Insurance Commissioner, and copies 
certified by him shall be deemed sufficient evidence. Service upon 
such attorney shall be deemed sufficient service upon the principal. 

Sec. 3. Whenever lawful process against such company shall be 
served upon the Insurance Commissioner, he shall forthwith forward 
a copy of the process served on him, by mail, post-paid, and directed 
to the secretary of said company. For each copy of process the Com- 
missioner shall collect the sum of two dollars, which shall be paid by 
the plaintiff at the time of such service, the same to be recovered by 
him as part of the taxable costs if he prevail in the suit. 

Sec. 4. No person shall act within this State as agent for such 
company, incorporated or organized under the laws of any other State 
unless such company is possessed of two hundred and fifty thousand 
dollars capital, and unless such capital to the extent of one hundred 
thousand dollars is invested in stocks created by the laws of the 



GENERAL PROVISIONS. *37 

United States, or by or under the laws of the State in which such 
company is located, or in other safe stocks or securities, the value of 
which, at the time of such deposit, shall be at or above par, which 
investments are deposited with the Insurance Commissioner, auditor, 
comptroller or chief financial officer of the State under whose laws 
such company is incorporated, and the Insurance Commissioner of 
this State is furnished with the certificate of such Insurance Commis- 
sioner, auditor, comptroller or chief financial officer aforesaid, under 
his hand and official seal, that he, as such Insurance Commissioner, 
auditor, comptroller or chief financial officer of such State, holds 
in trust and in deposit for the benefit of all obligees of such 
company, the securities before mentioned; which certificate shall de- 
scribe the items of security so held, and shall state that he is satisfied 
that such securities are worth one hundred thousand dollars. 

Sec. 5. Every person who shall so far represent any such com- 
pany incorporated or organized under the laws of any other State as 
to receive or transmit applications for suretyship or to receive for 
delivery bonds founded on applications forwarded from this State, or 
otherwise to procure suretyship to be effected by such company upon 
the bonds of persons or corporations in this State, or upon bonds 
given to persons or corporations in this State, shall be deemed as 
acting as agent for such company and shall be subject to the restric- 
tions and liable to the penalties herein made applicable to agents of 
such companies. 

Sec. 6. Every such company, before transacting any business in 
this State, shall deposit with the Insurance Commissioner a copy of 
its charter or articles of association and a statement signed and sworn 
to by its president and secretary stating the amount of its capital and 
the manner of its investments, designating the amount invested in 
mortgages, in the stock of incorporated companies, stating what com- 
panies, in public securities, and also the amount invested in other 
securities, particularizing each item of investment ; the amount of 
existing bonds upon which such company is surety, stating what por- 
tion thereof is secured by the deposit with such company of collateral 
security, the amount of premium thereon and the amount of liabili- 
ties, specifying therein the amount of outstanding claims adjusted or 
unadjusted, due or not due. 

Section 7. Every such company shall, in the month of January 
annually, deposit with the Insurance Commissioner a similar state- 
ment of the capital of said company and its investments and risks as 
aforesaid, to be made up to the thirty-first day of December next 
preceding, together with such other information as the Insurance 
Commissioner may require, signed and sworn to as above directed. 



38* GENERAL PROVISIONS. 

Sec. 8. If the Insurance Commissioner be satisfied with said cer- 
tificate, and if said company shall have complied with ail other pro- 
visions of law, he shall thereupon issue his license to it to transact 
business in this State for one year from the first day of April follow- 
ing, but no such license shall be issued unless such certificate is 
furnished. 

Sec. 9. No person shall act as agent of any such company until 
such company shall have complied with all the requirements of the 
laws of this State relating to such companies, and every person acting 
without such compliance shall be fined one thousand dollars. 

Sec. 10. The Insurance Commissioner, either personally or by a 
committee appointed by him, consisting of one or more persons not 
directors, officers or agents of any surety company, doing business in 
this State, may at any time examine into the affairs of any surety 
company incorporated by or doing business in this State. The 
officers or agents of such company shall exhibit its books to said 
commissioner or committee, and otherwise facilitate such examina- 
tion, and the commissioner or committee may examine under oath the 
officers and agents of any such company in relation to its affairs ; and 
said commissioner shall, if he deem it for the best so to do, publish 
the result of such investigation in one or more newspapers published 
in this State. Whenever it shall appear to the Insurance Commis- 
sioner from the statement or from an examination of the affairs of any 
such company, that such company is insolvent or is conducting its 
business fraudulently, or refuses or neglects to comply with the laws 
of the State relating to such companies, it shall be the duty of said 
commissioner to revoke the certificate of authority issued to the agent 
or agents of any such company, and he shall cause a notice thereof to 
be published in one or more newspapers published in this- State, and 
the agent or agents of such company after such notice shall transact 
no further business in this State. All the expenses of an examination 
made under the provisions of this section shall be paid to the Insur- 
ance Commissioner by the company examined. 

Sec. 11. Every such company applying for admission to transact 
business in this State shall pay to the Insurance Commissioner for the 
use of the State, for filing copy of its charter or articles of association 
the sum of thirty dollars; for filing statement preliminary to admis- 
sion and for filing each annual statement after admission, the sum of 
twenty dollars, and for each agent's certificate annually the sum of 
two dollars. 

Sec. 12. Every such company organized under the laws of any 
other State and admitted to transact business jn this State, and each 
agent of every such company, shall pay the same fees and taxes to the 



MISCELLANEOUS. *39 

treasurer of this State as are imposed by such other State upon any- 
similar companies incorporated by or organized under the laws of 
this State or upon the agents of any such companies transacting busi- 
ness in such other State. 

Sec. 13. This act shall take effect from the date of its approval. 

Approved, April 22, 1885. 



Miscellaneous. 
COPIED FROM THE GENERAL STATUTES. 

Insurance Commissioner. 



Section 

1. Appointment. 

2. General Duties. 



Section 

3. f Fees. 

4. Annual report o£ General Assembly. 



Appointment. 



Section 1. The Governor, with the advice and consent of the Sen- 
ate, shall once in every three years appoint some suitable person, not 
a director, officer or agent of any insurance company, to be Insurance 
Commissioner, who shall, unless sooner removed by the Governor for 
cause, hold his office for three years, and until his successor is ap- 
pointed and qualified. All vacancies shall be filled in the same man- 
ner for the unexpired term, except that any vacancy occurring while 
the Senate is not in session may be filled by the Governor till the next 
session of the General Assembly. 

General Duties. 

Sec. 2. Said commissioner shall have the powers and duties speci- 
fied in chapter II of title XVII ; shall see that all the laws respecting 
insurance companies are faithfully executed ; may employ clerical 
aid ; shall furnish to each of the insurance companies incorporated by 
this State, and to the attorneys of companies incorporated by other 
States and foreign governments, doing business in this State, printed 
forms of the statements required by law; shall pay over all fees which 
he may receive from insurance companies, to the treasurer ; and may 
administer oaths in the discharge of his official duties. 

Fees. 
Sec. 3. Said commissioner shall demand and receive the following 
fees from insurance companies : For receiving and filing annual re- 
ports, ten dollars; for valuation of policies of life insurance com- 
panies, one cent for each thousand dollars of life insurance valued ; 



40* 



MISCELLANEOUS, 



for filing any additional paper required by law, twenty-five cents ; 
and for every certificate of valuation, copy of report, or certificate of 
condition of company to be filed in other States, five dollars. 

Report to General Assembly. 

Sec. 4. No insurance company shall be required to report to the 
General Assembly ; but said commissioner shall annually submit a 
report thereto of his official acts, and of the condition of all insurance 
companies doing business in this State, with a condensed statement 
of their reports made to him, arranged in proper form for printing, 
together with a statement of the fees received by him from such com. 
panies, and paid by him to the treasurer. 

Time He shall Make His Annual Reports. Passed 1876. 

Be it enacted, etc., That the provision of an act entitled an act 
concerning the returns of the executive departments to the general 
assembly, passed at the present session of the general assembly, shall 
not apply to the reports of the Insurance Commissioner, required to 
be made by Section four, Part nine, Chapter one, Title three, of the 
general statutes. 



ASSESSMENT OF TAXES. 



Section 
21. Returns of assessors of the names of 
stockholders, and value of stock. 



Section 

22. Returns of property held in pledge. 



Returns to Assessors. 

Sec. 2i. 'The cashiers or secretaries of all corporations, whose 
stock is liable to taxation, shall, on or before the twelfth day of Octo- 
ber, annually, inform the assessors of each town of the names of the 
stockholders residing therein, and the amount of stock owned by 
each, as exhibited by the books of said corporations, on the first day 
of said October, so far as the residence of such stockholders shall be 
known to such cashiers or secretaries, and its market value during the 
month of September next preceding ; and any such cashier or secre- 
tary who shall neglect to furnish such information to the assessors of 
any town where said stock is liable to be taxed shall forfeit fifty 
dollars to such town ; but putting a letter in the post-office containing 
such information, postage paid, addressed to the assessors of any town 
where such owner resides, shall be a compliance with the provisions 
of this section. 



miscellaneous. *41 

Returns of Collateral Security. 

Sec. 22. The cashier of each bank and national banking associa- 
tion, the treasurer of each savings bank and the secretary of each 
corporation incorporated by the laws of this State, shall, upon the 
request of the assessors of any town, inform them of the name of any 
person therein who owns stock or bonds held by such corporation as 
collateral security for any indebtedness or liability, and the amount 
and description of such stock or bonds ; and any such cashier, treas- 
urer or secretary, who shall neglect to furnish such information to the 
assessors of any town where said stock or bonds are liable to be taxed, 
shall forfeit one hundred dollars to said town. 

Special Taxes on Corporations. 

Sec. 2. The cashier or secretary of each corporation, whose stock 
is liable to taxation, and not otherwise taxed by the provisions of this 
title, shall, on the first day of January, annually, or within ten days 
thereafter, deliver to the comptroller a sworn list of all its stock- 
holders residing without this State on the said day, and the number 
and market values of the shares of stock therein, then belonging to 
each; and shall, on or before the twentieth day of January, annually, 
pay to the State one per cent, of such value ; and if any such cashier 
or secretary shall neglect to comply with the provisions of this sec- 
tion, he shall forfeit to the State one hundred dollars, in addition to 
said one per cent, so required to be paid. 



TAXATION OF MUTUAL LIFE INSURANCE COMPANIES. 

Passed 1875. 



Section 

1. Annual returns to comptroller by life in- 

surance companies. 

2. Correction of returns by Board of Equal- 

ization. 



Section 

3. Time and conditions of paying taxes. 

4. Penalty for neglect of duty. 



Annual Returns to Comptroller. 

Section 1. The secretary or treasurer of every life insurance com- 
pany chartered by this State, and doing business in whole or in part 
upon the plan of mutual insurance, including all companies whose 
policy-holders have a right to participate in its profits, shall, on or 
before the fifteenth day of February, annually, render to the comp- 
troller a sworn statement of the total amount of its assets on the pre- 
ceding thirty-first day of December, with a detailed enumeration of 
such assets and the market value thereof, the amount of premium 



42* MISCELLANEOUS. 

notes held by it, its ascertained and paid losses on that day, and if 
said company be also in part a stock company, the stock whereof is 
by law taxable, the market value of the assets belonging to the stock 
department of said company. 

Correction of Returns by Board of Equalization. 

Sec. 2. The board of equalization shall examine and correct all 
statements and returns made to the comptroller in pursuance of the 
foregoing section, and in case any such company shall not make the 
return herein prescribed, said board shall, upon the best information 
it can obtain, make out, within ten days after the time above limited 
for making such returns, the statement required to be made by such 
company, and such statement or return so corrected, or made out, 
shall be conclusive as to the market value and amount of the assets of 
said company. 

Sec. 3. Every such insurance company shall, on or before the 
twenty-fifth day of February, A. D. 1882, pay t,o the State, as a tax 
on its corporate franchise, a sum equal to three-eighths of one per 
cent., and on or before the twenty-fifth day of February, 1883, a sum 
equal to three-tenths of one per cent., and annually thereafter, on or 
before the twenty-fifth day of February, a sum equal to one-fourth of 
one per cent, on the total amount of its premium notes, and on the 
market value of all its other assets, deducting, however, the amount 
of its ascertained and unpaid losses, the market value of its real estate 
liable to taxation in this State, the market value of any bonds owned 
by it which have been heretofore issued by this State or by any town 
or city in this State in aid of the construction of any railroad, and 
which by the laws of this State are exempt from taxation, and if said 
company be in part a stock company, the stock whereof by law is 
otherwise liable to taxation, the market value of the assets belonging 
to its stock department ; and said tax so paid shall be in lieu of all 
other taxes on the assets of said company, except on its taxable stock 
and on real estate held by it, over and above what may be necessarily 
used by it in transacting its appropriate business. 

Penalty for Neglect of Duty. 

Sec. 4. If any person whose duty it shall be to make such returns 
shall fail to do so within the time limited, he shall forfeit five thou- 
sand dollars to the State ; and if any insurance company required by 
this statute to make any payment fail to do so within the time herein 
limited, it shall forfeit to the State twice the amount required for such 
payment. 



MISCELLANEOUS. *43 

TAXATION OF MUTUAL FIRE INSURANCE COMPANIES. 

Passed 1875. 



Section 

1. Annual retnrns to comptroller by fire in- 

surance companies. • 

2. Correction of returns by Board of Equal- 

ization. 



Section 

3. Time and condition of paying taxes. 

4. Penalty for neglect of duty. 



Annual Returns to Comptroller. 

Section 1. The secretary or treasurer of each fire insurance com- 
pany chartered by this State, which does business in whole or in part 
upon the plan of mutual insurance, including every company whose 
policy-holders have a right to participate in its profits, shall, on or 
before the twentieth day of January, annually, render to the comp- 
troller a sworn statement showing the total amount of its assets on the 
preceding thirty-first day of December, and containing a detailed 
enumeration of such assets, and the market value thereof, the amount 
of premium notes held by it, and its ascertained and unpaid losses on 
that day, with the balance remaining after deducting from said total 
amount of unpaid losses, and the market value of any bonds owned 
by it which have been heretofore issued by this State, or by any town 
or city in this State, in aid of the construction of any railroad, and 
which, by the laws of this State, are exempt from taxation, and the 
premium notes held by it. 

Correction of Returns by Board of Equalization. 

Sec. 2. The board of equalization shall examine and correct all 
statements and returns made to the comptroller in pursuance of the 
foregoing section, and in case any such company shall not make the 
returns herein prescribed, said board shall, upon the best information 
it can obtain, make out within ten days after the time above limited 
for making such returns, the statement required to be made by such 
company, and such statement or returns so corrected or made out 
shall be conclusive as to the market value and amount of assets of said 
company. 

Time and Condition of Paying Taxes. 

Sec. 3. Each of such mutual fire insurance companies shall annu- 
ally, on or before the thirtieth day of January, pay to the State, as a 
tax upon its corporate franchise, a sum equal to three-fourths of one 
per cent, upon the amount of the balance remaining as aforesaid ; 
and said tax so paid shall be in lieu of all other taxes on the assets of 
said company, except upon real estate held by it, over and above what 
may be necessarily used by it in transacting its appropriate business. 



44* 



MISCELLANEOUS. 



Penalty for Neglect of Duty. 



Sec. 4. If any person whose duty it shall be to make such returns 
shall fail to do so within the time limited, he shall forfeit five thou- 
sand dollars to the State ; and if any insurance company required by 
this statute to make any payment shall fail to do so within the time 
herein limited, it shall forfeit to the State twice the amount required 
for such payment. 



RIGHTS OF MARRIED WOMEN. 

Any policy of life insurance expressed to be for the benefit of a 
married woman, or assigned to her, or in trust for her, shall inure to 
her separate use, or in the case of her decease before payment to the 
use of her children, or of her husband's children, as may be provided 
in such policy, provided that if the annual premium on such policy 
shall exceed three hundred dollars, the amount of such excess, with 
interest, shall inure to the benefit of the creditors of the person pay- 
ing the premium; but if she shall die before the person insured, leav- 
ing no children of herself or husband, the policy shall become the 
property of the person who has paid the premiums, unless otherwise 
provided in such policy. 



PRIVATE CORPORATIONS— GENERAL PROVISIONS. 

No bank, savings bank, insurance company, or trust company, 
heretofore incorporated, shall change its location from one town to 
another, except by act of the general assembly. 



' QUI-TAM SUITS AND FORFEITURES. 

Every person who shall violate any law of this State relating to 
insurance companies organized under the laws of other States or for- 
eign governments shall forfeit one hundred dollars. 



CONCERNING FIRE INSURANCE COMPANIES. 

Be it enacted, etc.: Section 1. All insurance companies organized 
under the laws of this State, having power to make insurance against 
loss by fire, are authorized to include and make insurance against loss 
by lightning, provided the same shall be clearly expressed in the policy. 

Sec. 2. This act shall take effect from its passage. 

Approved, April 5, 1881. 



ACTS PASSED JANUARY SESSION, 1884. *45 

CHAPTER XI. 

AN ACT RELATING TO SERVICE OF PROCESS UPON INSURANCE 
COMPANIES OF OTHER STATES. 

Be it enacted, etc.: Section i. Whenever service of process on an 
insurance company may be made, by law, on the insurance commis- 
sioner of this State, such commissioner may, from time to time, des- 
ignate some person in his office upon whom in his absence service of 
such process may be made ; and such service shall be of the same 
force and effect as though made on the commissioner personally. 

Sec. 2. This act shall take effect from its passage. 

Approved, February 27, 1884. 



CHAPTER XIV. 

AN ACT RELATING TO INSURANCE COMPANIES. 

Be it enacted, etc.: Sec. 1. Section fourteen of article four of 
chapter sixty-three of the public acts of 1879 (P a g e AiA)> sa id chapter 
sixty-three being an act relating to insurance companies, is hereby 
repealed. 

Sec. 2. This act shall take effect from its passage. 

Approved, March 4, 1884. 



CHAPTER XLII. 

AN ACT RELATING TO THE ORGANIZATION OF INSURANCE COMPANIES. 

Be it enacted, etc.: Section 1. Every insurance company or asso- 
ciation hereafter incorporated or organized in this State shall, before 
issuing any policy of insurance or making any contract of insurance, 
file with the insurance commissioner a certified copy of its charter or 
articles of association and a statement verified by the oath of its presi- 
dent and secretary, showing that said company is duly organized. 

Sec. 2. Upon receiving such statement the insurance commissioner 
shall examine such company or association, and, if he finds that it has 
complied with the terms of its charter or articles of association and 
the laws of the State, shall issue a certificate authorizing such company 
or association to issue policies and make contracts of insurance. 

Sec. 3. The fee for filing copy of charter or articles of association 
shall be ten dollars ; and for a certificate of authority under this act 
five dollars. 

Sec. 4. This act shall take effect from its passage. 

Approved, March 20, 1884. 



A DIGEST 



OF ALL THE REPORTED CASES RELATING TO 



FIRE. MARINE. LIFE. AND ACCIDENT 



., j_,h ._,, 



i^rsuRAisrcE, 



DECIDED IN THE 



Supreme and Superior Courts 



STATE OF CONNECTICUT, 



AND IN THE 



UNITED STATES COURTS 



DISTRICT OF CONNECTICUT. 



CHAPTERS. 



I. Interests Insurable and Insured. 
II. The Application and Survey. 

III. Representations. 

IV. Execution of Policy. 

V. Warranties and Conditions : Breaches, and Waiver of 

Forfeiture. 
VI. Insurance Agents. 
VII. Assignment of Policy. 
VIII. Proofs of Loss and Measure of Damages . 
IX. Double Insurance. 
X. Actions. 

XI. Points Peculiar to Marine Policies. 
(a) Abandonment, 
ib) Barratry. 
(V) Deviation, 

(d) Open and Valued Policies. 

(e) Termination of Risks. 
XII. Accident Policies. 

XIII. Life Policies. 

XIV. Winding up Insurance Companies. 



INSURANCE DECISIONS IN CONNECTICUT. *49 



I. Interests Insurable and Insured. 

i . Policies of Insurance, whether life, fire, or marine, are contracts 
of indemnity only. 

Bevin v. The Conn. Mutual Ins. Co., 23 Conn., 251. 

2. Insurance after a fraudulent conveyance. In a policy issued by 
a mutual fire insurance company, it was provided that the charter and 
by-laws should be - a part of the contract of insurance; that the appli- 
cation of the insured should be held to be a warranty, and a part of 
the policy; and that the policy should be void, unless the true title 
and interest of the insured, and the amount and nature of all incum- 
brances, were expressed in the application. The plaintiff obtained a 
policy upon an application stating that he owned the property to be 
insured, and that he was incumbered to several to the amount of 
about $6,000. In fact, after mortgaging it for that amount, he had 
given sundry voluntary and fraudulent mortgages to a greater amount,, 
and then conveyed his remaining interest to his brother by an absolute 
but voluntary and fraudulent deed. The latter had no knowledge of 
this conveyance when made, but had subsequently accepted it, and 
agreed to reconvey on request. Held, that the policy was void, as 
the insured had no legal or equitable title which a court of justice 
could recognize in his favor. 

Ti-eadway v. Hamilton Mutual Ins. Co., 29 Conn., 70, 71. 

3. An interest in the vessel and cargo gives an insurable interest 
in the profits of the voyage. 

Fosdick v. The Norwich Marine Ins. Co., 3 Day, 118. 

4. Life Policy. A advanced $350 to B, to be used in going to 
California and mining there for a year for their joint benefit. Held, 
that he had an insurable interest in B's life, and that a policy taken 
out upon it for $1,000 should be treated as a valued policy. 

Bevin v. The Conn. Mutual Life Ins. Co., 23 Conn., 252. 

5. Interest in brother 's life. The mere relationship of a brother is 
not such an interest as will support a policy of life insurance ; the 
interest required is one of a pecuniary nature. 

Lewis v. Phoenix Mut. Life Ins. Co., 39 Conn., 104. 

6. Payable to appointee. The party who takes out a policy of 
insurance on his own life may have it made payable to his representa- 
tives, or to any appointee or assignee. 

Lemon v. Phoenix Mut. Life Ins. Co., 38 Conn., 303. 



50* INSURANCE DECISIONS IN CONNECTICUT. 

7. Gift surrender. A party who had taken out a policy of insur- 
ance on his own life, in favor of another, and delivered it as a gift, 
Without the latter' s assent regained possession of it, surrendered it, 
and took out a new policy, similar in all respects except that it was in 
favor of a third party. Held, that the donee of the first policy had 
•an equitable right to the amount insured,, upon the death of the 
■donor, deducting whatever premiums he had paid on the second 
policy ; these inuring to the benefit of the appointee in that policy. 

Lemon v. Phoenix Mut. Life Ins. Co., 38 Conn., 302. 

8. Separate interest insured, by agreement, as joint. A, who owned 
a tannery, and B, who occupied it and owned the stock, united in 
applying to the defendants for insurance on both ; and the defend- 
ants' agent, knowing all the facts, filled up and gave them a policy 
insuring them, as if joint owners of both tannery and stock. The 
defendants' charter, which was made a part of the policy, provides 
that no insurance shall be valid unless the insured has a perfect and 
unincumbered title to the property insured, or unless his true title and 
the incumbrances, if any, be specified in the policy. Held, that this 
provision was satisfied whenever, among all the persons insured under 
one policy, there was a perfect title, or a title encumbered only as 
stated in the policy ; that A and B were trustees, each for the other 
as respected the latter's interest, and therefore both had an interest in 
the whole property insured ; and that they might declare on the policy 
as joint owners, since the defendants had given them this description, 
and were, therefore, estopped from denying its truth. 

Peck v. The New London Mutual Ins. Co., 22 Conn., 583-585. 

9. A party having the eqttitable title to real estate, as one in pos- 
session under a contract for a deed, who has paid a part of the price 
and is liable for the balance, whose, interest is vested and fixed, and 
on whom the loss would fall should the property be injured, has an 
absolute interest in it, and may cause it to be described as his, in a 
policy of insurance, which by its terms is to be void unless the inter- 
est of the insured, if not absolute, be expressed upon its face. 

Hough v. City Fire Ins. Co., 29 Conn., 19-21. 

10. The defendants insured one of their own members, in a policy 
referring to their charter as annexed and made a part of the contract. 

■ One provision of the charter was that no insurance should be valid 
unless, when effected, the insured . had a good and perfect unincum- 
bered title to the property insured ; or unless his true title and the 
incumbrances, if any, were fully specified in the application and the 
policy. The plaintiff's property, before its insurance, had been mort- 
gaged; and the mortgage had not been paid till after the law-day, nor 



INSURANCE DECISIONS IN CONNECTICUT. *51 

had the mortgage title been released. Held, that the outstanding legal 
title in the mortgagee, not having been disclosed, invalidated the policy, 
at least in a court of law, as a perfect title must be one good both at 
law and in equity. 

Warner v. The Middlesex Mutual Assurance Co., 21 Conn., 448, 449. 

Lockwood v. Same, 47 Conn:, 553. 

11. Whether the plaintiff's title could have been called "perfect," 
had he shown that the mortgagee was precluded by a parol estoppel 
from asserting his title against him or those claiming under him, 
Queer e. 

Warner v. The Middlesex Assurance Co., 21 Conn., 449, 450. 

12. Where a mortgagee applied for insurance through a local insur- 
ance agent, intending to procure an insurance of his mortgage interest, 
and so stating to the agent, but the agent drew the application as for 
an insurance on the property itself, in the name of the mortgagor and 
as his property, the amount to be payable in case of loss to the mort- 
gagee, and so made the application,, and had the policy so made in 
the belief that such was the proper legal mode of effecting an insur- 
ance on the mortgage interest, it was held, that the mistake could be 
corrected by a court of chancery, whether it was one of law or of fact. 

Woodbury Savings Bank v. Charter Oak Ins. Co., 31 Conn., 529. 

13. The plaintiffs, being in possession of a railroad, as trustees 
under a second mortgage, procured insurance to "the trustees of" 
this mortgage, on "their" depot building, "occupied by them" in 
M. Soon afterwards, the first mortgage was foreclosed, but the de- 
cree adjudged that they had a lien for their services and advancements 
to the amount of $83,000, which was paramount to the first mortgage, 
and must be redeemed by the parties claiming under the latter. The 
depot having been burned, after the first mortgage trustee had con- 
veyed the road to a new corporation, formed by the bondholders, 
which had taken possession, under the' foreclosure, but before the lien 
established under the decree had been paid. 

Held, that the insurers were discharged, under the provisions in 
the policy avoiding the insurance "if the property be transferred, or 
any change take place in the title or possession, whether by legal pro- 
cess, a judicial decree, or voluntary transfer or conveyance," or when 
the property has been sold and delivered, or otherwise disposed of, so 
that all interest or liability on the part of the insured has ceased. 

Bishop v. Clay Ins. Co., 45 Conn., 453-454. (Two judges dissenting, 456-462.) 

14. In an action at law on a policy to " the trustees of a" certain 
railroad mortgage, they cannot show by parol that it was intended to 



52* INSURANCE DECISIONS IN CONNECTICUT. 

insure the trustees personally for their personal interest accruing by 
reason of advances made for the benefit of the trust estate. 
Id- 455- 

15. A five years' lease is not an ''incumbrance" on property in- 
sured within the meaning of that term, as used in the printed " pro- 
posals," especially if the policy describes the property as occupied by 
a tenant. 

Lockwood v. Middlesex Mutual Assurance Co., 47 Conn., 560. 

16. A sale, by one or two who are jointly insured, of his interest 
in the property, to the other, is not an "alienation by sale or other- 
wise," which will forfeit the policy. 

Lockwood v. Middlesex Mutual Assurance Co., 47 Conn., 564. 

17. Any person who has a legal or equitable interest in property, 
or is so related to it that an injury to it may cause him pecuniary loss, 
has an insurable interest therein. 

Spare v. Home Ins. Co. — U. S. C. C. — The Reporter, Vol. 15, p. 615. 

18. The right of the petitioners [trustees] to reimbursement from 
the property of the road for the advances which they had made, 
although one which the court would regard and protect, yet until it 
had been ascertained and defined by decree of the court, was too 
uncertain an interest to be insurable. 

Bishop v. Clay Ins. Co., 49 Conn., 167. 

19. When a fire insurance policy contains clauses excepting from 
the insurance "store fixtures," and "store and other fixtures," the 
words "store fixtures" mean store fittings, or fixed furniture, which 
are peculiarly adapted to make a room a store, rather than something 
else. 

Store being the American word for shop, or warehouse, is never 
applied to a factory ; and fixtures in a shoe factory are not covered by 
the term "store fixtures," in a policy of insurance. 

U. S. Circuit Court — Thurston v. Union Insurance Co. of Philadelphia, 17 Federal 
Reports, 127. 

20. An insurance policy is a contract of indemnity, and, in the 
absence of anything to the contrary in the contract, * * * covers 
the entire proprietary interest of the assured. 

U. S. Circuit Court — Hedger v. Union Ins. Co., 1 7 Federal Reports, 498. 

21. The partnership must be considered as actually existing at the 
time of the fire, and as being one, not merely as to creditors of the 
firm, but as between the partners, constituting a community of inter- 
est in the stock of goods, that such a change of title was sufficient to 
render the policy void. 

Edward Malley v. The Atlantic Fire and Marine Ins. Co., 51 Conn., 222. 



INSURANCE DECISIONS IN CONNECTICUT. *53 

II. The Application and Survey. 

1. Any false and material statements in an application on which a 
policy is issued avoid it. 

Kelsey v. The Universal Life Ins. Co., 35 Conn., 238. 

2. A.X) applicant for insurance is bound to make a full and frank 
disclosure of all facts material to the risk. 

Beebe v. The Hartford County Mutual Fire Ins. Co., 24 Conn., 63. 

3. If the applicant makes a, general statement of all the material 
facts, he is not bound to go into details if unsolicited. 

Id. 63-65. 

4. Following advice of agent. Where a local agent of an insurance 
company advises applicants for insurance as to the form of making 
their applications or taking out their policies, he is treated in this 
State as acting as the agent of the company rather than of the 
applicant. 

Woodbury Savings Bank v. Charter Oak Ins. Co., 31 Conn., 526. 

5. And an agent of such an agent, employed to solicit and forward 
to him applications for insurance under a custom known to and ap- 
proved by the company, stands on the same ground, in this respect, 
with his principal. 

Id. 528. 

6. Misdescription. If one having an equitable interest in property, 
upon which he desires to effect an insurance, explains this interest 
fully to the local agent of an insurance company, and the latter then 
fills up an application, describing the property as simply belonging to 
the applicant, this description, if inaccurate, will not avoid the policy, 
provided the agent had authority to act as he did, which will be a 
question of fact for the jury : and the manner of its insertion may be 
proved by parol. Such description would be treated either as the act 
of the company or as assented to by it. 

Hough v. City Fire Ins. Co., 29 Conn., 21-23. 

7. Duty of applicant to see to form of application. An applicant for 
insurance who gives the local agent information from which to fill out 
a written application must not only in good faith answer all the inter- 
rogations correctly, but also use reasonable diligence to see that the 
answers are correctly written down. 

Ryan v. World Life Ins. Co., 41 Conn., 173. 

8. Fraud of agent. If the agent fraudulently writes down the 
answer incorrectly in order to induce the issue of a life insurance 
policy on a bad risk, and the applicant sign the application without 



54* 



INSURANCE DECISIONS IN CONNECTICUT. 



reading it, this is such negligence on the part of the latter as to make 
him chargeable with the mis-statement and avoid the policy. 
Id. 171-174. 

9. The rule that local agents in filling out applications act as the 
agents of the insurer and not of the insured, is not an inflexible one, 
applicable to all cases. 

Id. 174. 

10. Explanations by agent. A local agent, authorized to procure 
applications for insurance and furnished with printed blanks therefor 
containing interrogatories addressed to the applicant, has implied 
authority to make all necessary explanations of the meaning and effect 
of the language of the interrogatories, and to agree with the applicant 
as to the terms which he shall employ to express his answers to them. 

Malleable Iron Works v. Phoenix Ins Co., 25 Conn., 474. 

11. A local agent of the defendants, in reading over to an appli- 
cant for insurance interrogatories contained in one of these blanks, 
read the question, "Is. a watch kept on the premises during the 
night? " to which the applicant replied that there was none ; but that, 
from 9 o'clock p. m. to 12 there was a watchman in an adjoining 
building within the same enclosure, who would be apt to see if any- 
thing was wrong. The agent said that he should consider this man 
as a watchman till 12 o'clock, and wrote down the answer accord- 
ingly ; the applicant remarking that he did not know how it would be 
considered. Another inte'rrogatory as to whether a watch-clock was 
kept, the agent did not read at all, but wrote "yes" opposite to it, 
thinking, though mistakenly, that he had seen one on the premises. 
A loss occurred, after which the defendants first learned that there 
was no watchman or watch-clock, and the insured first learned that 
the answers in his application were deemed incorrect. Held, on a 
bill in Equity, for a reformation of the contract of insurance, and a 
decree for the payment of the amount of the loss, that he was entitled 
to the relief sought. (The Chief- Justice dissenting.) 

Id. 473-474- 

12. It seems, that if one of the conditions of a fire policy is that 
the survey and description upon which it was issued shall be taken and 
deemed to be a part of the policy and warranty on the part of the 
assured, the representations in the description are thereby made 
warranties. 

The Glendale Manuf. Co. v. The Protection Ins. Co., 21 Conn., 35. 

13. A policy of life insurance contained a condition providing 
that "the statements in the application for this policy, and on the 



INSURANCE DECISIONS IN CONNECTICUT. *55 

faith of which it is issued, are in all respects true." Held, that this 
made such statements warranties. 

Kelsey v. The Uirversal Life Ins. Co., 35 Conn., 336. 

14. Whether a mere reference, made in the body of a fire policy, 
to the statements in the application and survey, turns into warranties, 
quqre. 

The Glendale Manuf. Co. v. The Protection Ins. Co., 21 Conn., 32-35. 

15. A policy of insurance by the defendants on a factory con- 
tained this clause: " Reference is had to survey No. 83, on file in the 
office of the Protection Insurance Company." This survey had been 
made with a view to insuring the same factory in the latter company, 
and contained a series of questions and answers relative to the em- 
ployment of a watchman in the factory, the mode of disposing of the 
waste, etc., and also to the description of the premises. Held, that 
this survey was as much a part of the defendant's policy as if set forth 
in it at length; that the plaintiff's answer in the survey, that they 
kept a watchman on duty every night, if not a warranty, was at least 
a representation material to the risk, and requiring a substantial per- 
formance ; and that parol evidence that it was inserted by mistake by 
the defendant's agent was inadmissible in an action on the policy. 

Sheldon v. The Hartford Fire Ins. Co., 22 Conn., 245-247. 

16. Night-watchman. One of the interrogatories in a survey on 
which a fire policy covering the plaintiff's mill was based, was this : 
" Is there a watchman in the mill during the night ? Is there also a 
good watch-clock ? Is the mill left alone, at any time after the watch- 
man goes off duty in the morning till he returns to his charge at 
evening?" The answer was as follows: "There is a watchman 
nights. No clock. Bell is struck every hour from 8 p. m. till it rings 
for work in the morning — only at meal times and on the Sabbath, 
and other days when the mill does not run." Held, that this was an 
exact, clear, and certain engagement to keep a watchman in the mill 
through the hours of every night in the week, from the close of the 
day's work till the commencement of the next. 

The Glendale Manuf. Co. v. The Protection Ins. Co., 21 Conn., 36. 

17. Held, that parol evidence that it was the plaintiff's usage, and 
that of the mill-owners of the vicinity generally, to have no watchman 
from midnight on Saturday till midnight on Sunday, and that this 
was known to the defendants when they issued the policy, was inad- 
missable ; and that, a loss having happened on a Sunday morning, 
while there was no watchman on duty, the defendants were not liable. 

Id. 36-40. 



56* INSURANCE DECISIONS IN CONNECTICUT. 

1 8. Night-watchman on Sundays. An applicant for insurance on 
a mill in another State stipulated to keep a watchman there on Sun- 
days. Held, that this, even if contrary to the Sunday laws of such 
State, was in the nature of a condition precedent, and that the in- 
surers here were discharged by an omission to perform it. 

Id. 40. 

19. Occupation of premises. A "survey," embraced in the appli- 
cation, contained the following interrogatory : " How are the several 
stories occupied?" which the applicant has answered as follows: 
" Unoccupied, but to be occupied by a tenant." The policy con- 
tained the following condition : " When a policy is issued upon a 
survey and description of the property, such survey and description 
shall be deemed to be a part of the policy, and a warranty on the part 
of the assured." Held, the, answer was not to be considered as a 
stipulation that the house should be occupied by a tenant, but as a 
reservation on the part of the applicant of the right to have it so oc- 
cupied, and so expressed in order to avoid the inference that it was to 
remain unoccupied. 

Hough v. The City Fire Ins. Co., 29 Conn., 23. 

20. Policy issued differing from that applied for. The defendant 
wrote to the plaintiffs, inquiring at what premium they would take a 
risk on 26 horses and 20 oxen for a specified voyage; to which they 
answered, at 15 per cent., no partial loss to be paid under 10 per cent. 
The defendant wrote back that he accepted their terms, and wished a 
policy filled, viz.: 

On 26 horses valued at $2,200 

and on 20 oxen valued at 800 



$3,000 — at 15 per cent. $450. 

A note for the premium of $450 was enclosed. The plaintiffs filled 
out and returned a policy for $3,000, on 46 head of horses and oxen 
valued at $3,000, no partial loss to be paid under 10 per cent.; but 
the defendant refused to accept it. Held, that the policy applied for 
by the defendant was one in which the horses and oxen should be 
separately valued ; that this application was not * answered by the 
policy sent; and consequently, that no contract of insurance was ever 
made, and the premium note was not obligatory. 

Ocean Ins. Co. v. Carrington, 3 Conn., 361, 362. (Two judges dissenting, 365— 
368. 

21. The charter of a mutual fire insurance company provided that 
no insurance effected by the company should be valid unless the in- 
sured had a good unincumbered title thereto, or unless his true title 



INSURANCE DECISIONS IN CONNECTICUT. *57 

and the incumbrances were fully disclosed and specified in the policy. 
Held, to be enough if the title was actually good, although apparently 
defective on the records. 

Lockwood v. Middlesex Mutual Assurance Co., 47 Conn., 556. 

22. The property having been burned, A recovered a verdict. 
Held, that there was no ground for a new trial, as substantial justice 
had been done. 

Ibid. 

III. Representations. 

1. A representation precedes and is no part of the contract of 
insurance, and need be only materially true ; a warranty is a part of 
the contract and policy, and must be exactly and literally fulfilled, or 
else the contract is broken, and the policy becomes void. 

The Glendale Manuf. Co. v. The Protection Ins. Co., 21 Conn., 32. 

2. In effecting an insurance of $6,000 on the profits of a return 
voyage, the owner informed the insurers that he expected, from the 
advices he had received, that the ship would return with a cargo worth 
$25,000. Held, that the policy was not impaired by the fact that the 
avails of the outward cargo in fact only sufficed to purchase a return 
cargo worth $9,000. 

Fosdick v. The Norwich Marine Ins. Co., 3 Day, 118. 

3. Whether false information as to a material point, volunteered, 
without any inquiry being made, ought not to invalidate a policy, 
although the misrepresentation relate to matter covered by a warranty, 
queer e. 

Bulkley v. The Protection Ins. Co., 2 Paine, 84-89 (U. S. Circuit Court). 

4. Representations wholly in writing, the question as to their con- 
struction is one wholly for the court. The policy was not saved by 
the fact that the fire had commenced and was smouldering unobserved 
when the tenant moved out. The refusal of a court to grant a motion 
for non-suit is not reviewable on application of the defendant. He 
can only go on with the trial and submit his case to the jury. 

Benjamin F. Bennett v. Agricultural Ins. Co., 51 Conn., 504. 



IV. Execution of Policy. 

1. Irregularity . Practice. A policy of insurance, executed by a 
corporation, not as directed in its charter, but according to its settled 
course of practice, may be obligatory upon it. 

Bulkley v. The Derby Fishing Co., 2 Conn., 253. 



58* INSURANCE DECISIONS IN CONNECTICUT. 

2. No contract. An insurer agreed to foiward a policy of life 
insurance to C, and C agreed that, if its terms were as arranged 
between them, he would pay the premium; otherwise return the 
policy, which was not to take effect till the premium was paid. The 
policy was duly forwarded by mail, but returned by the postmaster as 
not called for, shortly after which C died. The insurer having no 
notice of C's death, then forwarded it to one of his family to hand to 
him. Held, that no contract of insurance was ever made. 

Rogers v. Charter Oak Life Ins. Co., 41 Conn., 106-107. 

An oral agreement by an insurance agent to take $5,000 upon mill 
property is not a completed contract of insurance, if there was to be 
an apportionment between real and personal estate, and none had 
been made when the property was destroyed by fire. 

Kimball v. Lion Ins. Co. 

Kimball v. Meriden Fire Ins. Co., U. S. Circuit Court, 17 Federal Reports, 625. 

3. When parol contract valid, and policy reformed. An insurance 
company can not ordinarily insure by parol. But the parties may 
agree by parol as to the terms of a policy to be issued, and if the 
policy, as written, is by mistake materially different from the parol 
agreement, a Court of Equity may correct it. 

Bishop v. Clay Ins. Co., 49 Conn., 167. 



V. Warranties and Conditions : Breaches and Waiver of 

Forfeiture. 

1. Any statement, description, or undertaking on the part of the 
assured, which appears on the face of a policy of insurance and 
relates to the risk, is a warranty; and this equally, whether declared 
to be such in terms, or ascertained to be such by construction. 

Wood v. The Hartford Fire Ins. Co., 13 Conn., 544. 

2. In either case it is an express warranty, and must be strictly- 
observed and kept, or the insurance is void. 

Ibid. 

3. A warra?ily excludes all argument as to its reasonableless or 
the probable intents of parties; and any breach of it, though for the 
advantage of the insurer, or occurring without the consent or fault of 
the insured, will avoid the policy. 

Id., 544-545- 

4. In a policy of insurance upon "the paper mill in W., owned 
by" the insured, "together with the machinery, wheels, gearing, 
etc.," there appeared among the conditions of insurance, in the mem- 



INSURANCE DECISIONS IN CONNECTICUT. *59 

orandum clause, an enumeration of certain property, including paper 
mills, which would be insured at special rates of premium. Held, 
that the description of the property insured as a paper mill related to 
the risk, and was therefore a warranty. 
H., 545- 

5. During the term of the policy, and before the loss, the use of 
the building as a paper-mill was discontinued, and a pair of grind- 
stones were put in the place before occupied by the rag-cutter and 
duster, and used for grinding grain, being moved by the old gearing 
and water-wheel. In all other respects the mill and its machinery 
were left as before. The loss was not caused by this change in the 
use of the mill; and the risk, although thereby made greater than if 
the mill had been closed, was not greater than if it had been kept in 
use as a paper-mill. The policy, by its terms, was to be inoperative, 
if without consent, etc., the building should be appropriated for carry- 
ing on any trade denominated hazardous or extra-hazardous. Grist- 
mills were not included in this denomination, but were specified in 
the memorandum clause as insurable at special rates. Held, 1. That 
the warranty was not broken ; 2. That the increase of hazard did not 
invalidate the policy on account of the stipulation above mentioned. 

Id., 546. 

6. A warranty relates to the risk if it defines, or in any respect 
limits, it. 

Id., 545. 

7. Description of premises — Uses made of them. A policy of insur- 
ance on several barns upon a farm, after a description of them, con- 
tained this clause: " All the above described barns are used for hay, 
straw, grain unthreshed, stabling and shelter." Held, 1. That this 
was not a warranty that they should be thereafter used for those pur- 
poses solely, but merely a description of the building, or, at most, a 
warranty that they were used in that manner at the date of the policy, 
and that the assured had a right to use the barns as barns are com- 
monly used by farmers. 

Billings v. Tolland County Mutual Fire Ins. Co., 20 Conn., 144. 

8. Held, therefore, that the insured was not precluded from a 
recovery because he had placed some boards for flooring a room in 
his house in one of the barns, the building having been afterwards 
thoroughly cleaned out before the fire; nor because at the time of the 
fire there were, in another of the barns, where they had been placed 
shortly before, a large tub containing lime and water, intended for 
use in preparing his seed wheat for planting, and a small quantity of 
oil, white lead, and mixed paint, intended for use in painting his 



60* INSURANCE DECISIONS IN CONNECTICUT. 

house, since the acts, although they might have produced the loss, 
were such as are often done by farmers in the common and ordinary 
use of their barns. 
Id., 145, 146. 

9. Whether a single act or so, in the use of buildings insured, 
which did not belong to the ordinary and appropriate use of buildings 
such as they were described as being in the policy, would defeat a 
recovery for a loss, unless such acts were fraudulent or grossly careless, 
and, if grossly careless, were also the cause of the loss, qucere. 

Id., 144, 145. 

Where the policy stipulated that if the premises should be so occu- 
pied or used as to increase the risk, without the assent of the company, 
the policy should become void ; and the policy permitted the use of 
naphtha in the business, but with no fire or lights in the building 
except a stove in the office; and assured, without consent of the com- 
pany, placed a stove in the finishing room, where was frequently 
stored inflammable naphtha gas. Held, that this was an increase of 
the risk which avoided the policy. 

Daniels v. Equitable Ins. Co., 50 Conn., 551. 

10. Temporary use of part of mill for repairing its machinery. An 
insurance was made on a building "occupied as a manufactory of hat 
bodies, and on the privilege for all the process of said business, and 
on machinery contained in said manufactory." One of the condi- 
tions was, that, in case the property insured should be used for the 
purpose of exercising therein any trade or business denominated extra- 
hazardous, or of storing therein any of the articles denominated extra 
hazardous, then and from thenceforth, so long as the same should be 
so used, the policy should cease and be of no force or effect. During 
the term, a room in the factory was used as a carpenter shop, for the 
repairing of necessary machinery of the factory; but this use had 
ceased before the fire, although boards and other materials were left 
and remained there until the fire. Among goods and occupations 
denominated extra-hazardous were "carpenters in their own shops, or 
in buildings erecting or repairing." Held, that the insured had a 
right thus to repair his machinery, as a part of "the privilege for all 
the process of said business;" that the boards, etc., were not to be 
treated as extra-hazardous; and that the policy, if inoperative by 
reason of doing carpenter work not within the privilege in question 
during the time while such work was in progress, became operative 
again when such work ceased. 

Loundsbury v. Protection Ins. Co., 8 Conn. 467, 468. 



INSURANCE DECISIONS IN CONNECTICUT. *61 

ii. An applicant for insurance stated that the premises were 
unoccupied, but engaged that they should be occupied by a tenant. 
Held, that he was entitled to a reasonable time for the performance of 
this engagement, and that it was for the jury to say whether such a 
time had elapsed, a loss having occurred in September, and the policy 
having been issued in January, but the applicant having offered evi- 
dence of unsuccessful efforts to let the property during this interval. 

Hough v. City Fire Ins. Co., 29 Conn., 24. 

Vacancy. A policy upon a dwelling house provided that "if the 
dwelling house shall cease to be occupied as such, then this policy 
shall cease and be of no more effect." The house was described in 
the application as occupied by a tenant, and was so occupied when 
the insurance was made. The tenant left the house, taking away all 
his furniture, about six o'clock on a certain evening, and the house 
burned about 2 o'clock the next morning. Held, that the non- 
occupation avoided the policy. 

Warranty. The policy provided that all statements in the appli- 
cation should be "warranties on the part of the assured." The appli- 
cation overstated the number of acres in the farm, and the value of 
farm and dwelling, according to the weight of evidence. Held, that 
the parties had made these matters material, and that they must be so 
regarded whether they related to the risk or not; and that if the 
answers were not true, there could be no recovery. 

Bennett v. Agricultural Ins. Co., 50 Conn., 420. 

12. Proviso. Ambiguity. Special provisos or exceptions in poli- 
cies of insurance must be couched in clear terms, and not so as to 
mislead the insured ; and where terms will rationally permit it he can 
claim a construction favorable to himself. 

Boone v. ^Etna Ins. Co., 40 Conn,, 586 (U. S. Circuit Court.) 

13. Military power. During the late civil war, the rebels being 
on the point of capturing a city held by the U. S. troops, the com- 
mandant of the latter, in order to prevent certain military stores from 
falling into the enemy's hands, set fire to the building in which they 
were deposited, whereby another building was also consumed, in 
which were goods insured by a policy expressly "excepting losses 
happening by means of any insurrection or civil commotion or of any 
military or usurped power." Held, that the loss was not within the 
exception, the fire being voluntarily set to the first building, and not 
under any physical necessity, and, therefore, not being due to the 
insurrection. 

Boone v. /Etna Ins. Co., 40 Conn., 579-80 (U. S. Circuit Court.) 



62* INSURANCE DECISIONS IN CONNECTICDT. 

14. Held, also, that "military or usurped power" referred only 
to an invading or insurrectionary force, and therefore did not touch 
a case of fire caused like this by rightful military orders of the com- 
mandant of the national forces. 

Id., 528-86 (U. S. Circuit Court). 

15. Marine Policy. Protection for neutral ship. A policy on an 
American vessel, issued in the war of 181 2, for a voyage to a neutral 
port, contained a warranty that she should be furnished with a pass- 
port from Admiral Sawyer in the usual form. Held, that this required 
a license of such a form as should purport to protect the ship and cargo 
and that a passport protecting such a ship, "laden with flour and 
other dry provisions," was insufficient (the cargo on board being 
partly of pork and beef, though principally of flour), without proof 
that this was the only form of passports from Admiral Sawyer, and 
that according to the usage of merchants, such an one was used in all 
cases, whatever might be the cargo ; or that the insurers knew that 
.the vessel sailed with both wet and dry provisions. 

Bulkley v. The Derby Fishing Co., I Conn., 577, 583. 

(One judge dissenting, on the ground that the warranty was broken, 
and that no explanation could relieve against the breach, 583.) 

16. There is an implied warranty of seaworthiness in a time policy 
of insurance, in the same manner as a voyage policy. 

Hoxie v. Home Ins. Co., 32 Conn., 41-46. 

17. Evidence. In determining what degree of seaworthiness is 
implied warranted in a policy, the amount of the premium paid is not 
a circumstance to be considered. 

Id., 47. 

18. Notice of Unseaworthiness. Where insurers have retained and 
appropriated the premium on a vessel insured, and treated the policy 
as in force, knowing the vessel to have been unseaworthy when insured, 
and the insured has thereby been induced to rely on the policy as in 
force, they are estopped, after a loss, from claiming that the policy 
did not attach by reason of unseaworthiness. 

Id., 39- 

19. But they must have had actual knowledge, not simply reason- 
able means and opportunity, for ascertaining the facts. 

Id., 40. 

20. Fraud in the master, in procuring the loss of the vessel is bar- 
ratry • though he be a part owner, as such is a peril insured against, 
unless assented to by the other owners or the insured. 

Id., 38. 



INSURANCE DECISIONS IN CONNECTICUT. *63 

21. Waiver. Conditions in the policy inserted for the exclusive 
benefit of the insurer may be waived by them ; and such a waiver, or 
any " estoppel in pais " may be shown by the insured in an action at 
law on the policy. 

Couch v. City Fire Ins. Co., 37 Conn., 249. 

22. Waiver before execution of policy. Parol evidence. One whose 
life was insured by a policy providing that he might go to California 
by sea and reside there, on paying an additional annual premium, told 
the insurers before they executed the policy that he intended to go in 
part by land, via Vera Cruz, and did so, arriving safely, and paying 
the extra premium for three years, when he died. Held, that, con- 
sidering this as a breach of warranty, it must be treated as waived or 
overlooked by the defendants, and that all these circumstances might 
be proved by parol. 

Bevin v. The Conn. Mut. Life Ins. Co., 23 Conn., 254. 

23. Where property was insured to the amount of $200, and after 
the policy claimed to have been forfeited by the introduction of new 
elements of risks, the company with full knowledge of the facts, by 
an indorsement on the policy, added $100 to the risk on the same 
property, and in the indorsement stated the whole risk, as thus 
increased, to be $300; it was held that the forfeiture, if there was any, 
was waived by the company. 

Rathbone v. City Fire Ins. Co., 31 Conn., 209. 

24. Where the condition was that the insurance should be void if 
articles denominated "hazardous" should be stored in the building 
without the consent of the company indorsed on the policy, and the 
agent of the company consented to the removal of the property to 
another building in which such hazardous articles were stored, and 
agreed to make whatever entry was necessary on the policy to con- 
tinue it in force, notwithstanding such storage, and took and retained 
the policy for the purpose, it was held, that the agreement of the 
agent was a waiver by the company of the condition which required 
such written indorsement of consent until such indorsement should 
be made. 

Id., 210. 

25. Held, also, that the insured might show, by parol evidence, 
what representations he made as to the condition of the building 
to which the property was removed. These oral representations are 
not to be regarded as coming into conflict with the written repre- 
sentations of the policy. The latter pertain to the risk as it stood 
before the removal of the property, the former to the risk as it 
existed after the removal. 

Id., 204. 



64* INSURANCE DECISIONS IN CONNECTICUT. 

26. Double insurance. The charter of a fire insurance company 
provided that "if there shall be any other insurance upon the whole 
or any part of the property insured by any policy issued by said com- 
pany, during the whole or any part of the time specified in such 
policy, then every such policy shall be void, unless such double in- 
surance shall exist by consent of said company, indorsed upon the 
policy under the hand of the secretary." Held, that the provision 
was of such a character that it could not be waived by the insurers, 
and that it was not competent to prove their consent to double in- 
surance by any other evidence than an indorsement of such consent 
upon the policy under the hand of the secretary; 

Couch v. City Fire Ins. Co., 38 Conn., 184-187. 

27. Notice of transfer. Property insured under a policy; con- 
ditional to be void in case of any assignment of the property, was 
assigned to the plaintiff, who informed the local insurance agents, and 
requested them to have whatever was necessary to protect his interests 
done. They indorsed in pencil on the policy, " Loss, if any, payable 
to Charles Batchelor, transfer," and forwarded it to the home office, 
from which it was returned to the plaintiff with these words, except 
the last, written in the body of it in ink, and U. S. revenue stamps 
amounting to fifty cents affixed to it, which were required only in 
case of a renewal. Held, that the company had notice of the transfer 
of the property, and waived the condition. 

Batchelor v. People's Fire Ins. Co., 40 Conn., 23. 

28. Accepting premium after forfeiture. A provision in a life 
policy that, in case the annual premiums should not be paid in ad- 
vance, the policy shall cease and determine, being for the sole benefit 
of the insurers> may be waived by them ; and accepting the premium 
after the day fixed for its payment has elapsed, is such a waiver upon 
which the policy will be revived, and continue obligatory on its 
original terms. 

Bouton v. The American Mut. Life Ins. Co., 25 Conn., 550. 

29. A custom on the part of an insurance company to allow 
premiums to be paid after the day, without claiming a lapse, will not 
justify a finding that it waived a lapse, by receiving payment after the 
death of the insured, when ignorant of the death. 

Lewis v. Phoenix Mut. Life Ins. Co., 44 Conn., 89-90. 

30. A life insurance company which was in the habit of notifying 
policy-holders when their next premium would fall due, and its amount, 
sent to one of them a notice in which the amount was unintentionally 
stated erroneously. Held, that this did not excuse the assured from 
paying the proper amount, on the day required, if he could have 
ascertained it by due diligence. 

Id., 90-91. 



INSURANCE DECISIONS IN CONNECTICUT. *65 

31. A premium accruing before the death of the insured was paid 
after the death, and kept by the company. Held, that it was error 
to charge the jury that if the company kept it, knowing the facts, it 
was estopped from claiming a lapse, without also directing them to 
inquire particularly as to whether the company knew of the death 
when it received the money, and whether a waiver was intended. 

Id., 91-92. 

32. A premium partly in cash and partly in notes was not paid 
when due, but. afterwards the cash was paid without giving any notes. 
Held, that the policy lapsed, unless the company waived or prevented 
the giving of the notes. 

Id., 92. 

33. If the insurers wrongfully refuse to accept an annual premium, 
on the mistaken ground that the policy has lapsed, and notify the 
insured that the policy is void and they will not continue it in force, 
this will not raise any implied promise to refund the premiums re- 
ceived, or pay the surrender value of the policy. 

Day v. Conn. General Life Ins. Co., 45 Conn., 490-492. 

34. It seems that the insured in such a case may elect to consider 
the policy as at an end, when he may recover its equitable and just 
value, on the ground of a mutual recision, or may bring an equitable 
action to have the policy adjudged to be in force, or, perhaps, may 
wait till the expiration of the life insured, and then sue on the express 
contract, alleging a tender and refusal of premium. 

Id., 498. 

35. If insurers take a note for a premium due, and give a receipt 
as for a renewal of the policy, unless the company agree to accept the 
note as payment, the policy lapses if the note is not paid at maturity, 
it being considered as only an extension of time of payment; but, if 
the company took it as payment, the policy continues in force until 
the next premium falls due. 

Wilmot v. The Charter Oak Life Ins. Co., 46 Conn., 483. 

36. If insurers attempt to cancel such policy it remains in force, 
notwithstanding such attempted cancellation, until the expiration of 
the renewal, unless the recision be consented to by the parties insured 
before that day. 

Id. 

37. If they did not assent and notify the insurers of such assent 
within a reasonable time, and before the next premium became due, 
the policy remained in force and became forfeited for non-payment 
of the new premium. 

Id. 



x- 



66* INSURANCE DECISIONS IN CONNECTICUT. 

38. It seems that if property insured as occupied by a tenant is 
left vacant, and continues so, this is not necessarily to be regarded as 
an increase of risk within the control of the landlord. 

Id., 561, 562. 

39. The performance of the conditions in a policy is no part of 
the consideration, unless so expressly declared. 

Lockwood v. Middlesex Mutual Assurance Co., 47 Conn., 557. 

40. A recorded mortgage which has been barred by the statute of 
limitations, does not prevent the title of the insured from being re- 
garded as " good and perfect." 

Lockwood v. Middlesex Mutual Assurance Co., 47 Conn., 558-559. 

41. The rule that equity will not aid to enforce a forfeiture or 
divest an estate for breach of covenant or condition, does not apply 
to the cancellation of a policy of insurance on the life of a living 
person, who has broken its conditions. 

Conn. Mut. Life Ins. Co. v. Home Ins. Co., 17 Blatchf., 146, 147 (U. S. Circuit 
Court). 

42. A marine policy of insurance was issued on a vessel "to be 
employed in the coasting trade of the United States Atlantic coast ; 
permitted to use Gulf ports not west of New Orleans," in which the 
assured warranted not to use places and ports in Texas, except Gal- 
veston, nor foreign ports, or places in the Gulf of Mexico. 

The vessel was lost in the Gulf of Mexico, west of New Orleans, 
while on a voyage from Maine to Morgan City, Louisiana, a place 
west of New Orleans. 

Held : 1. That the meaning of the policy is that the vessel was 
to be employed on the United States Atlantic coast, which was the 
coast of the Atlantic Ocean, and not the Gulf of Mexico. 

2. That the permission to use Gulf ports not west of New Orleans, 
did not extend the coasting trade through the Gulf, and the vessel 
was therefore upon a voyage not permitted by the terms of the policy, 
and the assured could not recover. 

New Haven Steam Sawmill Co. v. Security Ins. Co. Fed. Rep., Vol. VII. 

43. The neglect of the plaintiffs to notify the defendants of the 
increased risk from the erection of the warehouse rendered the re- 
newal of the insurance void. The policy gave the plaintiffs permis- 
sion "to make additions, alterations and repairs." The new build- 
ing could not properly be called an addition to the factory, although 
connected with it by a bridge and underground passage. 

The Peoria Sugar Refining Co. v. The Peoples Fire Ins. Co. United States 
Court for the District of Connecticut, Sept. 10, 1884, 52 Conn., 581. 



INSURANCE DECISIONS IN CONNECTICUT. *6Y 

44. The failure of a person insured to comply with a promissory 
representation as to his future conduct in a matter relating to the in- 
surance, made without fraud, and not incorporated in the policy, is 
not ground of defense against a recovery on the policy. 

The Prudential Assurance Co. v. The y£tna Life Ins. Co. United States Circuit 
Court for the District of Connecticut, April 14, 1885, 52 Conn., 576. 



VI. Insurance Agents. 

1 . When the agent of the applicant. Where a local agent of a fire 
insurance company, authorized to receive and forward applications 
for insurance, and instructed by the company to consider himself, in 
so doing, the agent of the applicant, rather than of the company, 
neglects to communicate to the company material facts disclosed to 
him by an applicant, and the company consequently issues a policy 
in ignorance of these facts, his neglect is not chargeable to the appli- 
cant, unless he is also acting as the agent of the applicant ; and his 
instructions from the company do not make him such if unknown to 
the applicant. 

Beebe v. The Hartford County Mutual Fire Ins. Co., 25 Conn., 62. See Wood- 
bury Savings Bank v. Charter Oak Ins. Co., 31 Conn., 226. 

2. Agent himself insured. Countersigning receipts. One N. took 
out a policy of insurance upon his life, in the name and for the benefit 
of his wife, in an insurance company of which he was and for years 
had been a local agent. After his death there were found among his 
papers two printed renewal receipts, in the usual form, signed by the 
company, and each certifying that the policy was continued in force 
for one year, but providing that it (the "certificate receipt ") should 
not be valid or binding on the company until the premium should be 
paid, and the receipt countersigned by it. Neither of the receipts 
was countersigned by it. Held, that the parties could not have in- 
tended that they should be, and that the receipt for the last year was 
prima facie evidence of the payment of the premium. 

Norton v. Phoenix Mut. Life Ins. Co., 36 Conn., 506-509. 

1 

3. Fraud. The plaintiff insured for his own benefit the life of his 
brother in the defendant company, upon the representation of its 
agent that their relationship was a sufficient interest. The agent ad- 
vanced a large part of the premium and agreed to take the policy 
himself at its cost and interest at any time within three years if re- 
quested; in consideration of which he was to receive ten per cent, of 
the insurance, if paid by the defendants in case the person whose life 
was insured should die within that period. The latter had no knowl- 



68* INSURANCE DECISIONS IN CONNECTICUT. 

edge of the insurance, and was not examined by a physician, as the 
rules of the company required. The defendant afterwards ascertained 
these facts and repudiated the policy. Held, that the plaintiffs could 
not maintain an action against them for the premium paid ; his pri- 
vate contract with the agent being with respect to them fraudulent in 
law, although he was innocent of actual fraud. 
Lewis v. Phoenix Mut. Life Ins. Co., 39 Conn., 102. 

4. Held, also, that the plaintiff, on the faith of the agent's repre- 
sentations, having answered yes to a question, in the application for 
the policy, whether he had an interest in the life to be insured, to the 
full amount applied for, was estopped from claiming a return of the 
premium on the ground that the policy was void, and so that there 
was a want of consideration. 

Id., 105. 

5. Neglect to read application. Fraud. If the local agent, in 
filling out an application, fraudulently writes down the answer incor- 
rectly in order to induce the issue of a life insurance policy on a bad 
risk, and the applicant sign the application without reading it, this is 
such negligence on the part of the latter as to make him chargeable 
with the misstatements and avoid the policy. 

Ryan v. The World Life Ins. Co., 41 Conn., 171-174. 

6. Insurance of forbidden risk. A local insurance agent, instructed 
to take no risks on mortgage interests, took such a risk ; the mort- 
gagee having no notice of his want of authority. Held, that the 
policy was valid. 

Woodbury Savings Bank v. Charter Oak Ins. Co., 31 Conn., 529. 

7. Secretary de facto. The defendants' charter provided that all 
policies should be void whether the insured had other insurance in 
another company, unless it was with the consent of the directors, sig- 
nified by an indorsement on the policy made and signed by the sec- 
retary, in pursuance of an order by the directors. The plaintiff had 
taken out other insurance, the consent of the defendants being in- 
dorsed on his policy over the signature of "L," agent. Held, that 
he might prove, by parol, that L was the defendants' local agent, and 
was authorized, by their practice, to grant and indorse such licenses ; 
that the defendants would be bound by such practice ; and that the 
jury might find that L was, as to these licenses, a secretary of the 
company. 

Peck v. The New London Mut. Ins. Co., 22 Conn., 586. 

8. Agreement to assume payment of premium. A bona fide agree- 
ment between a local agent and the insured, that the agent shall 
become personally responsible to the insurers for the amount of the 



INSURANCE DECISIONS IN CONNECTICUT. *69 

premium, and the insured shall become his personal debtor therefor, 
constitutes a payment of the premium, as between the insured and the 
insurers. 

Bouton v. The American Mutual Life Ins. Co., 25 Conn., 555. 

9. A local agent of the defendant company agreed with C, that 
if he would insure his life in the company, he, the agent, would pro- 
vide for the cash part of the premium himself, and it should be con- 
sidered as paid ; that the note for the balance might be given after- 
wards; that the insurance should be regarded as effected as soon as 
the defendant accepted the proposals; and that the policy should be 
made out afterwards, but dated back. The insured signed a collateral 
paper, not a part of the proposals, providing that the insurance should 
not be binding until the company or its agent received the premium. 
Held, that this agreement by the agent might be proved by parol, and 
showed the mode of payment permitted by the defendant in this 
instance; and that, the jury having found that the agent was author- 
ized to make it, the company were answerable for the amount of the 
insurance upon C's death before anything further was done by him. 

Sheldon v. The Conn. Mut. Life Ins. Co., 25 Conn., 219-222. 

10. Waiver. As to the implied power of local agents to waive 
compliance with certain provisions of the policy, see 

Id., 221. 

11. As to whether a local agent can waive the non-payment of a 
premium, on the proper day, see 

Lewis v. Phoenix Mut. Life Ins. Co., 44 Conn., 89-90. 

12. Evidence of intent to waive. Conversation. A local insurance 
agent, being informed by the insured of a breach of the condition in 
a policy, wrote a brief memorandum of it to the home office, when an 
indorsement was made on the policy, which, on its face, might or 
might not amount to a waiver of the condition. Held, that in deter- 
mining whether it was a waiver, evidence was admissible of the con- 
versation between the insured and the agent, in consequence of which 
the memorandum is written. 

Batchelor v. Peoples Fire Ins. Co., 40 Conn., 61. 

13. . Goods insured under a policy conditioned to be void if they 
were stored in any building in which hazardous articles were kept, 
were afterwards removed from the building where they were when 
insured, into another containing hazardous articles, with the consent 
of the agent of the insurers, who knew all the facts, and indorsed on 
the policy their permission for the removal. Held, that this created a 
new contract, to which the above-mentioned condition of the original 
policy did not apply, or in which it was waived. 

Rathbone v. City Fire Ins. Co., 31 Conn., 208. 



70* INSURANCE DECISIONS IN CONNECTICUT. 

14. Waiving punctual payment. Life policy. A provision in a life 
policy that it shall not be binding till countersigned by W., agent, and 
delivered, and the advance premium paid, gives W. no power to accept 
the payment of a subsequent annual premium after the day when it 
became payable, and thus waive a forfeiture. 

Bouton v. The American Mut." Life Ins. Co., 25 Conn., 551-555. 

15. An agent has no vested interest in premiums thereafter to be 
collected on policies issued through his agency as could not be 
affected by his justifiable removal from office. A provision in his 
contract with the insurance company, that he may dispose of his 
agency to others, did not secure his right to the future premiums as 
against all other modes of terminating his agency. The agent is 
liable for that portion of the deficit which was caused by the failure 
of his sub-agents to pay over to him moneys that they had received. 
The sureties were also liable for such moneys in the hands of his sub- 
agents. 

The Phoenix Mut. Life Ins. Co. v. Gideon E. Holloway and others, 51 Conn., 310. 



VII. Assignment or Bequest of Policy. 

1. Bequest. Wife. A man insured his wife's life "for his benefit," 
and died before her, leaving her the legatee of all his residuary estate, 
"both real and personal, in whatever it may consist, or wherever 
situated." Held, that, upon her death, the policy must be paid to 
his executor for the benefit of her representatives. 

Keller v. Gaylor, 40 Conn., 348. 

2. The policy provided that if the testator died before his wife, 
the money, upon her decease, should be payable to their children. 
They had no children. Held, that he had a vested and devisable 
interest in the policy, subject to be divested by the birth of a posthu- 
mous child. 

Ibid. 

3. Subsequent assignment of the property insured. The assignee of 
a policy of fire insurance, assigned with the consent of the insurer,, 
cannot recover in case of a loss, if, before that event, the property 
was conveyed by the insured to a third party. 

Birdsey v. The City Fire Ins. Co., 26 Conn., 169. 

4. And this although the assignee received the assignment as 
security for a debt, and neglected to take other security which he 
might have had, because he relied on this as valid ; and the subse- 



INSURANCE DECISIONS IN CONNECTICUT. *71 

quent conveyance by the insured was fraudulent; and the assignee 
attached the property for his debt after such conveyance, in a suit 
pending at the time of the loss. 
Id., 170-171. 

'5. A policy of insurance on the life of a husband 'was made payable 
to the wife for her sole use, and, in case of her death before his, to be 
paid to her children — a statute authorizing a husband to effect such 
an insurance and protecting it from his creditors. The wife died 
before the husband. Before her death she made an absolute assign- 
ment of the policy for a valuable consideration. Held, that her inter- 
est was contingent on her surviving her husbsnd, and that, after her 
death before his, her interest was gone ; and that the children became 
entitled to the fund on their father's decease. 

Conn, Mutual Life Ins. Co. v. Burroughs, 34 Conn., 314-312. 

6. Whether the policy was assignable at all before the decease of 
the husband, qucere. 

Id., 314. 

7. When the assignee had paid an annual premium on the policy 
after the assignment, it was held, that he was equitably entitled to a 
repayment from the fund, of the money so paid. 

Id., 315. 

8. A husband procured a policy on his life payable to his wife for 
her sole use, or, in case of her death before his, to their children, the 
charter of the insurance company providing for such insurance and 
protecting the interests of the beneficiaries. The policy was issued to 
the wife and delivered to and kept by her. She obtained a divorce 
from him seven years after, and afterwards, without his knowledge, 
surrendered the policy to the company and took a paid-up policy, 
conforming in all respects to the original one. The husband had paid 
the annual premiums, except the one next preceding the divorce, 
which was paid by her. There were no children. She soon after 
died, and a little later he also. Held, that her representatives, and 
not his, were entitled to the insurance money. 

The Phoenix Mut. Life Ins. Co. v. Dunham, 46 Conn,, 89. 

9. The paid-up policy required an annual payment of interest on 
certain premium notes. The wife paid this interest till her death, and 
the next payment, the only later one before the husband's death, was 
made by him. Held, that his representatives were entitled to repay- 
ment from the money received, of the interest so paid. 

Id., 8q. 



72* INSURANCE DECISIONS IN CONNECTICUT. 

10. Upon an information for burning a building with intent to 
defraud an insurance company, it was held that it was not necessary 
to prove the legal existence of the company; that if it had a de facto 
organization, and was actually doing business, and the accused enter- 
tained a fraudulent intent, it was sufficient. 

That if proof of the legal existence of the company, which was a 
foreign one, was necessary, a certificate of the insurance commissioner 
of this State that the company had complied with the laws of this 
State and was authorized to carry on business here, accompanied by 
testimony of the agent of the company here that he had issued numer- 
ous policies, was prima facie evidence of its legal existence. 

The fact that the policy was made payable to a mortgagee of the 
building was not inconsistent with the allegation that the company 
insured the building to the accused. 

The intent to defraud may be inferred from circumstances. 

State v. Byrne, 45 Conn., 273. 

1 1 . The assignment of a policy by the wife for the security of a 
loan and as a security to a creditor for a pre-existing debt of her 
husband is valid in this State. 

By the laws of New York, where the husband and wife resided, 
such .an assignment was invalid. 

The policy was issued by an insurance company of this State, and 
the assignment was made in the State of New Jersey, where such 
assignments are valid. 

The laws of New York could not operate in the case. 

The Conn. Mut. Life Ins. Co. v. Susan Westervelt and others, 52 Conn,, 586. 



VIII. Proofs of Loss, and Measure of Damages. 

1. Where the general agent of an insurance company, acting in 
the matter of his agency and in relation to the particular loss and 
controversy in question, stated to an agent of the plaintiff, who had 
prepared and forwarded the preliminary proofs, that it was only the 
quantity and value of the property that the company disputed, it was 
held, that the evidence was both admissible and important, as going 
to prove a waiver by the company of all objection to the preliminary 
proofs on account of defects in them. 

Rathbone v. City Fire Ins. Co., 31 Conn., 203. 

2. Where a loss happened under a policy of insurance, and due 
notice thereof was given to the insurer, and the latter, after examina- 
tion, denied all liability on the ground that the loss was not from a 



INSURANCE DECISIONS IN CONNECTICUT. *T3 

peril insured against and therefore not covered by the . policy, held 
that such denial of liability and refusal to pay constituted a waiver of 
stipulation in the policy requiring the insured to furnish formal proofs 
of loss. 

Norwich and New York Transportation Co. v. Western Mass. Ins. Co., 34 Conn., 
570 (U. S. Circuit Court). 

Batchelor v. Peoples Fire Ins. Co., 40 Conn., 64. 

3. By the conditions of his policy, the insured was required to 
•declare on oath "whether any, and what other insurance has been 
made on the same property." He did make oath that "said property, 
or any part thereof, was not nor has been insured since the policy was 
taken out" from the defendants. Held, sufficient and equivalent to 
stating that no other insurance had been made on the property. 

Lounsbury v. Protection Ins. Co., 8 Conn., 467. 

4. Where a- steamer, insured against loss by fire, received an injury 
by collision with another vessel, and in consequence thereof filled 
with water, whereby the fire was forced out of her boiler and burnt 
off her light upper works and liberated her light freight, thereby 
reducing her floating capacity so that she sank in deep water, and the 
jury found that she would not have sunk but for the fire, held, that the 
fire must be considered as the proximate cause of the loss occasioned 
by burning and sinking, and that the insurers were liable for the 
damages naturally and necessarily resulting from the fire, but not for 
the damages that were, or might have been, caused naturally and 
necessarily by the collision only. 

Norwich and New York Transportation Co. v. Western Mass. Ins. Co., 34 Conn., 
570, 571, 572 (U. S. Circuit Court). 

5. Where the rule of measuring the loss was prescribed by the 
policy to be the cash value of the boat just before the fire, and the 
plaintiffs offered evidence to prove such cash value, deducting the 
amount of damage by the collision, including all its necessary conse- 
quences, and such evidence was excluded by the court on the defend- 
ants' objection, held, that the plaintiffs were properly allowed to prove 
the cost of repairs in restoring the boat to her original condition, as 
the only mode left of proving the extent of their loss. 

W. ; 573- 

6. Held, also, that the cost of raising the wreck by the plaintiffs, 
not exceeding the value of the same when raised, was a proper item 
of such loss. 

Ibid. 

7. Insurers of vessels are never liable for any commission on dis- 
bursements made by the owner, personally, for repairs. 

Sage v. The Middletown Ins. Co., 1 Conn., 242. 



74* INSURANCE DECISIONS IN CONNECTICUT, 

8. Nor are they liable for any compensation paid to the master and 
mariners for their services in making repairs. 

Id., 243. 

9. Insurers are not liable for injuries done to a ship by straining 
when stranded, unless such injuries can be repaired without rebuilding 
the ship. 

Sage v. The Middletown Ins. Co., 1 Conn., 244. 

10. Magistrate' s certificate. A policy provided that in case of 
loss the insured should produce a magistrate's certificate, stating that 
he had inquired into the facts, etc., and believed that the assured had,, 
without fraud, sustained loss to the amount stated in the certificate* 
Held, that this provision was not waived by the insurance company 
by reason of its agent having received the proofs of loss, and having, 
made no objection to them on account of the omission of the certifi- 
cate. Nor by the fact that the company objected to payment for the 
loss on other grounds. Nor by the fact that the company had held 
the proofs for two years without calling attention to the omission, 

Daniels v. Equitable Fire Ins. Co., 50 Conn., 551. 



IX. Double Insurance. 

1. Mortgagor and Mortgagee. A mortgagee insured his interest,, 
by a policy drawn, by mistake, as if issued to the mortgagor. Held, 
that a subsequent insurance, by the mortgagor, of his interest, was not 
within the condition of the mortgagee's policy providing that the 
policy should be void if any further insurance were obtained on the 
property insured without the insurer's consent. 

Woodbury Savings Bank v. Charter Oak Ins. Co., 31 Conn., 530. 

2. As a waiver of a provision against double insurance. 
See Couch v. City Fire Ins. Co., 38 Conn., 184-187. Ante, page *5I. 



X. Actions. 



1. A mortgagee cannot maintain assumpsit on a policy in favor of 
the mortgagor, and not assigned to the mortgagee ; although the 
mortgagee effected the insurance and paid the premium, and the loss- 
was made payable to him in the policy, and he was understood when* 
it was issued to be the real party insured. 

Woodbury Savings Bank v. Charter Oak Ins. Co., 29 Conn., 379. 



INSURANCE DECISIONS IN CONNECTICUT. *75 

2. Joinder of plaintiffs . Several interests. Where two of several 
plaintiffs in an action on a policy of insurance on a vessel were owners 
of the vessel, and all were copartners and joint owners of the cargo, 
held, that the plaintiffs had a sufficient interest to maintain the action. 

Bulkley v. Derby Fishing Co., I Conn., 576. 

3. Negativing exceptions. In a declaration on a policy of fire in- 
surance, there was no averment that the justice before whom the 
proofs of loss were made, was "not concerned in the loss or related 
to the insured." Held, that such an averment was unnecessary, the 
presumption being in favor of his being qualified to act. 

Lounsbury v. Protection Ins. Co., 8 Conn., 461. 

4. In declaring on a policy of insurance, the whole of it was set 
forth, with the annexed " Conditions of Insurance " of the usual form. 
One of these was, " Provided always, and it is hereby declared, that 
this company shall not be liable " for any loss arising from any inva- 
sion, insurrection, riot, etc. Held, that these were not conditions 
precedent, and that the exceptions contained in them need not be 
negatived in the declaration. 

Id., 466. 

5. Waiver df delay in suing. A denial by the insurers of all 
liability for a loss, on the ground that it was not from a peril insured 
against, is a waiver of a stipulation in the policy giving them sixty 
days within which to pay any loss ; and the insured may therefore sue 
at once. 

Norwich and New York Transportation Co. v. Western Mass. Ins. Co., 34 Conn., 
570 (U. S. Circuit Court), 6 Blatch., 241. 

6. Limitation of action. A provision in a policy of insurance that 
no action upon it shall be sustained against the insurers, unless com- 
menced within twelve months next after the cause of action shall 
accrue, is lawful, and operates as a bar to any suit brought after the 
lapse of time limited. Such a stipulation goes to the right as well as 
to the remedy. 

Gray v. the Hartford Fire Ins. Co., 1 Blatch., 278, 288 (U. S. Circuit Court). 

7. Limitation of time. Where in a policy of insurance it was stip- 
ulated that, in any action upon it commenced more than one year 
from the time of loss, the lapse of time should be conclusive evidence 
against the validity of the claim, and a loss occurs while war exists 
between the country of the insurers and that of the insured, the period 
of the war must be omitted in computing the year. 

Semmes v. City Fire Ins. Co., 36 Conn., 543 (U. S. Circuit Court), 6 Blatch., c. c. 
445 — (Reversed s. c, 13 Wall., 158). 



76* INSURANCE DECISIONS IN CONNECTICUT. 

8. A condition in a policy, that no suit shall be brought in case of 
loss, unless within six months after the loss, is valid and binding on 
the insured. 

Woodbury Savings Bank v. Charter Oak Ins. Co., 31 Conn., 529. 

9. Auxiliary bill in Equity. But where an action at law was 
brought on the policy within the time limited, which it was found 
could not be sustained, by reason of a mistake in the form of the 
policy, and a bill in equity was brought while that suit was pending, 
and after the six months had expired, for the correction of the policy, 
and for an injunction against the defense set up in the action at law, 
it was held, that the suit was not barred by the expiration of the time 
limited. 

Ibid. 

10. Creditors' bill to restrain a third party from a wrong to the 
company. The principle that a stockholder of a company cannot 
maintain a bill in equity against a wrong-doer to prevent an injury to 
the corporation, unless it shall be averred, and shall affirmatively 
appear that the corporation has refused to take measures to protect 
itself, does not extend to a bill which is in good faith filed by a 
creditor, and a holder of a policy in an insurance company is a 
creditor within this rule. 

Lathrop v. Stedman, 42 Conn., 583 (U. S. Circuit Court). 

11. If freighters upon learning of an intended deviation, made 
without their consent, effect an insurance on the voyage as thus 
altered, neither this nor their demand upon the insurers for payment 
of a loss will affect their claims against the carrier. 

Crosby v. Fitch, 12 Conn., 423. 

12. Foreign attachment. Scire facias. A policy of insurance pro- 
vided that no suit for the recovery of any claim upon it should be 
sustainable in any court, unless commenced within twelve months 
after the loss occurred. Within twelve months after a loss, the com- 
pany were factorized as the debtors of the insured, and judgment 
having been obtained against him, a scire facias was brought upon 
it against the company "after the twelve months had elapsed. Held, 
that the scire facias was a part of the original factorizing proceeding, 
and that that was such a suit as was covered by the terms of the 
proviso. 

Harris v. The Phcenix Ins. Co., 35 Conn., 311. 

13. Defective declaration. A certificate of membership in a mutual 
life insurance company, provided that, on the death of the wife of the 
plaintiff, an assessment should be made upon the policy-holders in the 
company for as many dollars as there were policy-holders, and that 



INSURANCE DECISIONS IN CONNECTICUT. *Y7 

the sum collected, not exceeding one thousand dollars, should be paid 
to him within ninety days from the filing of the proof of death. 

Held, that a declaration containing no allegation of a neglect to 
make the assessment provided for, and assigning no breach except of 
a promise to pay one thousand dollars, was fatally defective, and that 
the defect was not cured by the verdict. 

Curtis v. The Mutual Benefit Life Co., 48 Conn., 98. 

14. A policy on property mortgaged to a bank was made payable 
to it. A collateral agreement was also made between the insurance 
company and the bank, that no policy of the company made payable 
to the bank should be invalidated as to the latter by any act or neglect 
of the mortgagor or owner; that the bank should pay for any increase 
of hazard, and that on payment of loss to the bank, the company 
should be entitled to all the securities held by the bank from the 
debtor. Both policy and agreement under seal. Premium paid by 
the insured. Held: 

1. That the bank, not being a party to the policy, could not sue 
upon it alone. 

2. That the two instruments together constituted a contract 
between company and bank to pay the loss to the latter ; and that 
the bank could maintain a suit at law in its own name on that promise. 

Meriden Savings Bank v. Home Mutual Fire Ins. Co., 50 Conn., 396. 

15. "Before or at the term at which the cause could be first tried. " 
Held, to mean the term at which, under the laws of the State and 
rules of practice, the cause is first triable on its merits, and not 
necessarily the term at which it may be actually reached for trial. 

Edward Malley v. The Fireman's Fund Ins. Co., 51 Conn., 486. 

16. The twelve months should be reckoned from the day of the 
fire, and not from the expiration of the sixty days after the proofs 
were delivered to the company. 

Such a limitation of suits to be brought on a policy is valid. 
George T. Chambers v. Atlas Ins. Co., 51 Conn., 17. 



XL Points Peculiar to Marine Policies. 
(a) Abandonment. 

1. Acceptance. It is not necessary, to give effect to an abandon- 
ment, that it be accepted by the insurers. 
King v. The Middletown Ins. Co., 1 Conn., 203. 



78* INSURANCE DECISIONS IN CONNECTICUT. 

2. An abandonment transfers the property abandoned to the in- 
surers, and the insured cannot afterwards, by his own act, revest such 
property in himself, though it may be done by the consent of both 
parties. 

Id., 202 ; King v. The Hartford Ins. Co., Id., 341. 

3. Subsequent acts of owners as agents of the insurers. A vessel, 
on a voyage from New York to Middletown, struck on the rocks at 
Hurlgate, and was greatly injured. The owner abandoned, and 
immediately afterwards, upon his receiving intelligence that she was 
likely to be got off soon, the insurers authorized him to bring her 
into the Connecticut river, if practicable, and do whatever should be 
needful, without militating against the abandonment. Held, that 
this agreement did not affect his claim for a total loss. 

Id., 340. 

4. If ihere be such a total technical loss, at the time of the aban- 
donment, as to justify such abandonment, the insurers are liable as for 
a total loss, although the loss afterwards turn out to be only partial. 

King v. The Middletown Ins. Co., 1 Conn., 200-201. 

5. The existence of the goods insured or any part of them, in specie, 
is neither conclusive, nor, in many cases, a material circumstance, 
upon the question whether the loss is total or partial. 

Poole v. Protection Ins. Co., 14 Conn., 59. 

6. Whether, if the insured cannot recover for a total loss of the 
whole property covered by the policy, and embraced in the memoran- 
dum clause, he may yet be entitled to recover, as for a total loss, the 
value of any part which was in fact totally lost, quozre. 

Id., 60. 

7. A vessel, laden with hides, was wrecked before arriving at her 
port of destination, the cargo submerged, and both proved a total 
loss, notwithstanding the efforts of the crew ; except that a small part 
of the hides were recovered by wreckers, removed by them to a 
neighboring port, and there sold — their condition being such as to 
render them unfit for reshipment without considerable additional 
expense — for the benefit of whom it might concern. The balance of 
the avails, after deducting salvage and other charges, was $40 ; which 
was remitted to the owners. The master and crew did not arrive at 
this port until after the sale. There was an insurance on the voyage, 
the policy containing a proviso that the insurer should not be liable 
for any partial loss on hides and all other articles that are perishable 
in their own nature, but that the owners of such goods should recover 
on a general average. Held, that an abandonment having been made, 
the loss upon the hides was certainly deemed to be constructively 
total, and probably actually total. 

Id., 54- 



INSURANCE DECISIONS IN CONNECTICUT. *79 

8. Where a total loss of goods insured, with the exception of par-, 
■iicular average, is claimed by reason of damage to the vessel, the same 
rule prevails in ascertaining whether such a loss has arisen, as if the 
policy were free from that exception. 

Id., 57- 

9. A vessel, insured for a certain voyage, was stranded on the 
rocks at Hurlgate, and so much injured that all her cargo was washed 
out. Four days after she was stranded, the danger not having in- 
creased,* and the chances being in favor of getting her off, the owner 
abandoned; after which the master, with the aid of the crew and 
some extra assistance, got her off, and repaired her so that she was 
capable of pursuing her voyage (which was to Middletown), at an 
expense of less than half her value. Held, that the owner had no 
right to abandon, and could recover only for a partial loss on the 
vessel, that alone being insured. 

King v. The Hartford Ins. Co., 1 Conn., 426-427. (Two judges dissenting.) 

10. A mere stranding by itself cannot justify an abandonment ; the 
right to abandon a ship existing only in cases of extreme hazard, 
where her situation is such that there is no reasonable prospect or 
chance of saving her with all the means and assistance that can be 
obtained. 

Id., 426. 

11. Election of port of discharge. Purchase of ship by owner after 
abandonment. Agency. The defendants insured the plaintiff's ship 
upon a voyage to a certain port in Europe, and back to her port of 
discharge in the United States. Having performed the outward voy- 
age, the ship took in a cargo of salt, and cleared for New York, 
arriving there via Montauk Point, on June 21st, of which immediate 
notice was given by mail to the plaintiff at Hartford, who replied, by 
return mail, ordering the ship to proceed immediately with her cargo 
to Middletown. The ship and cargo were entered at the New York 
customhouse, and duties paid on a few dutiable articles on board ; 
but nothing was unladen, except part of the salt, which was put into 
lighters, in order that the ship might be able to get into the Connec- 
ticut river. With the first fair wind, on June 30th, the ship sailed for 
Middletown, but was stranded on the rocks at Hurlgate, and so much 
injured that all the salt on board was washed out, and she was in 
extreme danger of being utterly destroyed. While in this condition, 
on July 4th, the plaintiff abandoned her, but the defendants refused 
to aid in getting her off, etc. ; denying any liability on the policy. 
On July 8th, she was got off and taken to New York, where she was 
fairly sold at auction, and bought in by the plaintiff's brother, who 



80* INSURANCE DECISIONS IN CONNECTICUT. 

subsequently transferred his right to pay for and take her to the plain- 
tiff. Held, that New York was not made the port of discharge by 
her clearance, or the intention of the master to discharge there on her 
arrival there, or anything that was subsequently done there ; since the 
lightening was not breaking bulk, and the plaintiff had a right to 
have the ship touch at one port for orders, and yet make another 
port that of her discharge ; that, while Middletown was thus made 
the port of discharge, the going first to New York was no deviation ; 
that the plaintiff's orders and conduct were reasonable ; that he had a 
right to abandon as he did and claim a total loss ; and that, were the 
subsequent purchase of the ship to be considered as really made by 
the plaintiff, this would not be a waiver of his abandonment, or in any 
way affect his right under the policy, as the sale must be considered 
as made by the defendants, — the parties left in charge of the ship after 
the abandonment being, in legal contemplation, their agents, and not 
the plaintiff's. 

King v. The Middletown Ins. Co., I Conn., 194-208. 

(One judge dissenting, 209-231, and another judge dissenting on all 
points, except that in regard to the lightening of the vessel not 
amounting to breaking bulk, 231-239.) 

Sage v. The Middletown Ins. Co., id., 240. 

12. Held, also, that the fact that the master dismissed and paid off 
at New York all the crew but the mate and cook, shipping an equal 
number of good hands at once, in their places, did not conduce to 
prove that New York was in fact the port of discharge. 

King v. The Hartford Ins. Co., id., 399. 

13. But, held, that if the sale were a mere pretended sale, made 
with a view to subject the defendants for a total loss ; if no purchase 
money were paid ; and the plaintiff, after the abandonment, possessed 
and used the ship as his own, without any objection or claim from the 
defendants ; the jury would be warranted in presuming a waiver of 
the abandonment. 

Id., 341. 

14. Capture and unjust condemnation. If a vessel be captured and 
condemned without just cause by the courts of a neutral power, the 
owners may claim as for a total loss, if they abandoned to the insurers, 
but not otherwise. 

Townsend v. Phillips, 2 Root, 404 (Superior Court). 

15. The sails, rigging, anchors, etc., saved from a vessel stranded 
and abandoned, are not a fund in the hands of the insured to defray 
the expense of getting her off. 

King v. The Hartford Ins. Co., 1 Conn., 341. 



INSURANCE DECISIONS IN CONNECTICUT. *81 

16. In case of an insurance upon profits, and a total loss, no aban- 
donment is necessary. 

Fosdick v. The Norwich Marine Ins. Co., 3 Day, 118. 



(&) Barratry. 

1 7. Resistance by the master and mariners of a neutral vessel to the 
search of a belligerent is barratry, and insurers are liable for it as such. 

Brown v. Union Ins. Co., 5 Day, 8. (Two judges dissenting, 11-21). 

18. By a marine policy, the plaintiffs were insured against "the 
barratry of the master (unless the assured be the owners of the vessel) 
and of the mariners." They were the owners of the vessel, but the 
master and first mate having both died on the voyage, a loss occurred 
by the barratry of the second mate, after he succeeded to the command. 
If eld, that he was still mate, although acting as master //y? hac vice, 
and that the policy covered the loss ; the case not being within the 
reason of the exception. 

Tate v. Protection Ins. Co., 20 Conn., 485, 486. 

19. Fraud in the master, in procuring the loss of the vessel, is bar- 
ratry, though he be a part owner, and as such is a peril insured against 
unless assented to by the other owners or the insured. 

Hoxie v. Home Ins. Co., 32 Conn., 38. 

(V) Deviation. 

20. That a deviation was for but a short distance or a brief period 
is immaterial. 

Burkley v. The Protection Ins. Co., 2 Paine, 90. (U. S. Circuit Court.) 

21. Voyage to one port or another. Under a policy on a voyage to 
St. Bartholomew's or St. Thomas, it is a deviation to touch at both 
these ports, in the absence of any usage or necessity to justify. 

Id., 89. 

22. And such a usage must be so certain and uniform as to warrant 
the presumption that it was generally known as the law of vessels 
trading at those ports. 

Id., 91. 

23. If freighters, upon learning of an intended deviation, made 
without their consent, effect an insurance on the voyage as thus 
altered, neither this nor their demand upon the insurers for payment 
of a loss will affect their claims against the carrier. 

Crosby v. Fitch, 12 Conn., 423. 

F 



82* INSURANCE DECISIONS IN CONNECTICCT. 

(V) Open and Valued Policies. 

24. Where a policy of insurance upon a vessel and freight of goods 
"laden or to be laden," containing a clause valuing the vessel at 
$8,000, but leaving a blank for the value of the cargo, and a subse- 
quent memorandum reading thus : — 

" $8,000 on vessel. 
$2,000 on freight." 
Held, that this was an open policy as to the freight, meaning only 
$2,000 was insured on such freight as the ship might once commence 
to earn. 

Riley v. The Hartford Ins. Co., 2 Conn., 370. 

25. A ship was insured for a voyage outward to Gibraltar, with 

liberty to go to Cape de Verde for salt, and return; and $2,000 was 

by the same policy insured on freight, "laden or to be laden." 

Having earned freight on her outward voyage, she took on board a 

partial cargo, and sailed for the Cape to take in a quantity of salt, 

which would have brought her return freight up to more than $2,000, 

but was lost before reaching the Cape. Held, that whether the policy 

was treated as valid or open, the insurers were liable only for the 

freight which the ship had commenced to earn ; that is, upon the 

partial cargo actually on board, without reference to the salt which it 

was intended to ship. 

Id., 37°. 37 1 - 

(<?) Termination of risk. 

26. Election of port of discharge. Though, as a general rule, if a 
vessel insured for a voyage to a port of discharge in a certain country 
arrives in any port there, and voluntarily and unnecessarily breaks 
bulk, and discharges any part of her cargo, she thereby makes it her 
port of discharge; yet, if, while waiting for orders at her port of 
arrival, she lands goods which are in a perishing condition, this will 
not make it her port of discharge. 

Sage v. The Middletown Ins. Co., 1 Conn., 242. See ante, page 60*. 



XII. Accident Policies. 

1. A policy insured the holder against death or injury "by violent 
and accidental means, within the meaning of the contract and con- 
ditions annexed." The conditions specified sundry modes of violent 
injury and death which were excluded from the scope of the policy. 
Held, that these specific exclusions did not operate to make the prin- 
cipal terms more largely inclusive, but that the death or injury, though 



INSURANCE DECISIONS IN CONNECTICUT. *83 

violent, must still fall strictly within the principal terms, and be 
caused by means that were accidental as well as violent. 

Southard v. Railway Passenger Assurance Co., 34 Conn., 579. (Per Judge Ship- 
MAN of U. S. District Court, as an arbitrator). 

2. Where a person insured by such a policy was injured internally 
by jumping, in great haste, from a railroad car at a station, and run- 
ning a considerable distance, which action was not necessary to his 
safety, but was voluntarily undertaken to effect an important object 
which required haste, it was held, that the injury was not caused by 
{i accidental means" within the meaning of the policy. 

Id., 579-58o. 



XIII. Life Policies. 

1. A policy of insurance on the life of a husband, issued upon the 
application of the wife, was made payable to the wife for her sole use, 
and in case of her -death before her husband's, to be paid to her 
children. She died before her husband, leaving children. After her 
death, the husband surrendered the policy, and took out another in 
his own name and for his own sole benefit, the new policy being upon 
the same premium and dated back so as to be of the same date with 
the other. After paying one year's premium on the new policy the 
husband died insolvent. Held, that in equity the substituted policy 
belonged to the children, and that they, and not the creditors of the 
husband, were entitled to the insurance money. 

Ghapin v. Fellows, 36 Conn., 134-135. 

2. Forfeiture. War. A policy of insurance of the usual form was 
taken out before the civil war, in South Carolina, by one of its citi- 
zens, on his own life, in a Connecticut company, through its local 
agent, and the premiums were duly paid for several years, and until 
the outbreak of the war. The company withdrew their agencies in 
South Carolina in 1859, but promised the insured that it would there- 
after notify him annually of the time when the premiums would fall 
due, and did so for the next two years. - No notices were sent and no 
premiums paid during the war; but, immediately upon its close, he 
offered to pay all the back premiums and the future ones as they ac- 
crued, all of which the company declined to receive. The laws of 
South Carolina at all times required insurance companies doing busi- 
ness there to keep agents within its limits, who should accept service 
of process, file annual tax-returns of premiums received, etc. Held, 
that the non-payment of the premiums during the war terminated the 
risk, it not being a case of debt due by annual installments, payment 
of which the war might merely have suspended, but of an optional 



84* INSURANCE DECISIONS IN CONNECTICUT. 

payment, which, if made, would raise in effect a new contract for a 
new year. 

Worthington v. Charter Oak Life Ins. Co., 41 Conn., 400-418. 

3. Interest of issue. Contingency. A wife insured her husband's 
life by a policy payable to her, or, if he survived her, to their children. 
One of their children died, leaving issue ; then the wife died, and then 
the father. Held, that the deceased child left a transmissible interest, 
which went to his issue, in analogy to the statute of distribution. 

Continental Life Ins. Co., v. Palmer, 42 Conn., 65-69. 

4. Indemnity from party causing death. The plaintiffs having been 
compelled to pay a loss incurred by the death of one of whom they had 
insured, caused by the negligence of the defendants, brought an action 
on the case for reimbursement, Heidi that there was no civil liability 
apart from statute law for causing the death of another, and that 
moreover, as there was no contract relation between the parties, nor 
any direct obligation to the plaintiffs on the part of the defendants 
growing out of their relations to the insured, the damage to the plain- 
tiffs was too remote a consequence of the defendants' wrong to be the 
subject of an action. 

The Conn. Mut. Life Ins. Co. v. The N. Y. & N. H. R. R. Co., 25 Conn., 274- 
276. 

5. Suicide. A policy of insurance on the life of a person con- 
tained the condition that if he should die by suicide, the policy should 
be null and void, and the insurers should not be liable for*the loss. 
The subject insured died by an act of self-killing, by himself firing a 
pistol at his head. Held, that, if the subject insured, at the time he 
fired the pistol, was conscious of the act he was committing, intended 
to take his own life, and was capable of understanding the nature and 
consequences of the act, the insurers were not liable ; that, if the act 
was thus committed, it was immaterial whether he was capable of un- 
derstanding its moral aspects or of distinguishing between right and 
wrong; and that if he was not thus conscious, or had no such capacity, 
but acted under an insane delusion, overpowering his understanding 
and will, or was impelled by an uncontrollable impulse, which neither 
his understanding nor will could resist, the insurers were liable. 

Held, also, that the fact of self-killing being conceded, it was for 
the party claiming to recover on the policy to establish that the sub- 
ject insured was in the condition, when he committed the act, which 
left the insurers liable. 

Gay v. Union Mut. Life Ins. Co., 9 Blatch., 143 (U. S. Circuit Court). 

6. Liability of a life insurance company for dividends. .Where 
annual dividends are declared by a life insurance company, in ac- 
cordance with an established rule, and the acts of the officers show 



INSURANCE DECISIONS IN CONNECTICUT. *85 

that they are payable on certain classes of policies, a subsequent at- 
tempt on its part to limit the meaning of the vote, and make it at 
variance with the contemporaneous written rules and the acts of the 
company, is vain, the attempt being evidenced by the erasure of the 
dividend endorsement from the premium notes, and the company will 
be liable for the amount of the dividends so erased. 

Heusser v. Continental Life Ins Co., 20 Fed. Rep., 222 (U. S. Circuit Court). 

7. Policies included under term "Renewed." The office of a 
renewal of a life insurance is to prevent discontinuance or forfeiture ; 
and the word "renewed," in the vote of the directors of an insurance 
company granting dividends upon certain policies answering this 
description, includes participating, limited-payment policies, which 
have been prevented from forfeiture prior to the passage of the dividend. 

Idem., 224-225. 



XIV. Dissolution of Insurance Companies. 

1. The State which granted a charter to a life insurance company, 
reserving the power to repeal it, at its pleasure, can exercise such 
power summarily and at will, sbbject only to the limitation that its 
action must not be so wanton and causeless as palpably to violate the 
principles of natural justice. 

Lothrop v. Stedman, 42 Conn., 590 (U. S. Circuit Court). 

2. Such a repeal would not impair the obligation of any contract 
which the corporation may have entered into by its policies; but its 
property would remain a trust fund for the payment of its creditors 
and stockholders. 

Id., 291. 

3. An insurance company, by legislative authority, transferred all 
its assets to another company, which, in consideration thereof, rein- 
sured all its existing policies. Held, that this left the former company 
liable on its policies (in the absence of proof that the insured had 
released), and therefore open to insolvency proceedings, if it had not 
assets to meet them. 

Stedman v. American Mut. Life Ins. Co., 45 Conn., 381. 



l&iaie of (Sonnecficul 



Twenty-First Annual Report 



Insurance Commissioner 



General Assembly of tie State, A. D. 1 




PART SECOND. 



Life and Accident Companies. 



HARTFORD, CONN.: 
Press of The Fowler & Miller Company, 341 Main Street. 

1886. 



INDEX. 



Page. 
Introduction v 



DETAILED STATEMENTS. 



CONNECTICUT LIFE COMPANIES. 



^Etna 3 

Charter Oak 14 

Connecticut General 19 

Connecticut 25 

Continental 32 



Hartford 39, 63 

Mutual Benefit 65 

Phcenix 43 

Travelers 49 



CONNECTICUT ACCIDENT COMPANIES. 

Continental 38 

Mutual Benefit 65 

Travelers 55 



LIFE COMPANIES OF OTHER STATES. 



Bay State 201 

Berkshire 71 

Equitable 77 

Germania 83 

Home 90 

Homoeopathic 96 

John Hancock 101 

Manhattan 108 

Massachusetts 1 14 

Metropolitan 123 

Mutual Benefit 128 

Mutual 135 



Mutual Reserve 203 

Mutual Trust 206 

New York 143 

Northwestern 150 

Northwestern Masonic 208 

Penn 156 

Provident Savings 164 

State 168 

Union 174 

United States 182 

Vermont 189 

Washington 193 



ACCIDENT COMPANY OF ANOTHER STATE. 



United States 211 



IV INDEX. 

STATISTICAL TABLES OF FIXED-PREMIUM COMPANIES. 

Table i — 'Assets 216 

2 — Per Centum of Various Investments 217 

3 — Liabilities 218 

4 — Income 219 

5 — Disbursements . , 220 

6 — Income, Expenditures, Per Centum, etc 221 

7 — Premium Receipts, Expenses of Management 222 

8 — Business in Connecticut 223 

9 — Policies Issued in 1884 and 1885 224 

10 — Outstanding Insurance, 1884 and 1885 225 

1 1 — Termination of Policies 226-227 

12— Death Claims in 1883, 1884, 1885 228 

13 — Premium Note Account 229 

14 — Number, Amount, and Value of Policies 230 

15 — Average Amount and Value of Each Policy 231 

16 — Annual Interest, Rate Per Cent. Received 232 

17 — Summary Comparison • 233 



STATISTICAL TABLES OF VARYING-PREMIUM COMPANIES. 

Table I — Assets, Liabilities, Income and Disbursements 236 

II — Summary of Business Transacted 237 

III — Business in Connecticut 237 



MISCELLANEOUS. 

Directory of Companies ." 240 

Directory of Agents 243 

Laws of Connecticut Relating to Insurance 1^-46* 

Judicial Decisions on Insurance in Connecticut 47^-85* 



REPORT-PART II. 



Office of the Insurance Commissioner, 
Hartford, May 10, 1886. 

To the Honorable General Assembly : 

The Second Part of the Commissioner's Report, which relates to 
Life and Accident Insurance, is now submitted, having been delayed 
a few weeks in order that the examinations required by law might be 
completed before its transmission. 

Of the nine Connecticut and nineteen other-State companies duly 
authorized to transact business here at the date of last report none 
has retired. In addition, there have been admitted the following : 



Date of 
License. 


Name and Location of Company. 


Capital. 


Class of 
Insurance. 


1885. 
May 26 

July 2 9 

Sept. 29 

1886. 
Feb. 9 




$100,000 
Mutual. 


Life. 


Mutual Reserve Fund Life Association, New York City. . 

U. S. Mutual Accident Association, New York City 

Northwestern Masonic Aid Association, Chicago, 111 

Bay State Beneficiary Association, Westfield, Mass 

Mutual Trust Fund Life Association, New York City 


Accident. 
Life. 



The Vermont is a stock company, operating upon the fixed-premium 
plan. The other five offices are mutual, and meet claims as they 
arise by assessments laid upon surviving members. These associa- 
tions were admitted under authority of the law of 1885. 

The Tables appended to the abstracts of statements give the statis- 
tics of life offices working on the old plan separate from the statistics of 
those working on the new plan. And for purposes of comparison of 
condition, only the old-line life offices, twenty-seven in number, 
which did business in the State through 1884 and 1885, are reviewed 
in the pages immediately succeeding. 



VI 



REPORT OF THE INSURANCE COMMISSIONER. 
ASSETS OF THE OLD-LINE LIFE OFFICES. 



December 31. 


1884. 


1885. 


Increase. 


8 Connecticut offices 

19 other United States offices, 


$108,115,724 84 
357,578,724 56 


$109,944,181 35 
384,588,835 88 


$1,828,456 51 
27,010,111 32 


27 companies 


$465,694,449 40 


$494,533,°i7 23 


$28,838,567 83 





Using round numbers, the assets have swollen twenty-nine millions 
in the year. What part of this arises from the excess of income over 
disbursements, and what part from an increased valuation put upon 
the assets, will appear further on. The aggregate of admitted assets 
borders closely on five hundred million dollars, constituting a gigantic 
beneficiary fund, which must continue to grow rapidly for many 
years yet. 

The character of the assets remains with only slight changes from 
year to year. Over four-tenths of the amount are loans secured by 
mortgage of real estate, one-third is in stocks and bonds, real estate 
owned constitutes nearly an eighth part, and cash one twenty-third. 
The proportion of real estate and of premium notes to total assets is 
steadily though slowly decreasing. As a general proposition, to 
which there may be found isolated exceptions, real estate, especially 
if situate at a distance from the home office, is an undesirable and 
unprofitable investment for a life insurance company, and ought to 
be disposed of as rapidly as may be done without unnecessary sac- 
rifice. The term during which such corporation may hold real 
property, not needed for their offices, might be advantageously 
limited by law, in like manner as national banks are restricted by the 
law of their being. 

LIABILITIES. 



December 31. 


1884. 


1885. 


Increase. 


8 Connecticut offices 

19 other United States offices, 


$97,153,763 25 
319,473,099 31 


$98,152,414 28 
338,459,220 73 


$998,651 03 
18,986,121 42 




$416,626,862 56 


$436,611,635 01 


$19,984,772 45. 



Of the whole liability, nearly all is contingent, being the computed 
reserve which the law requires to be maintained, and which is abso- 
lutely indispensable to the full performance of the contracts. This 
net reserve last December amounted to $430,672,525 for these twenty- 



REPORT OF THE INSURANCE COMMISSIONER. 



Vll 



seven companies, a growth of about twenty and one-half millions 
during the year. And it will be observed that the absolute liabilities 
for unsettled claims are under $6,000,000, which sum is eight per 
cent, smaller than in the year before. 

The assets having increased about twenty-nine millions, and the 
liabilities about twenty millions, the difference (nine millions) is the 
year's addition to surplus, which amounts to nearly $58,000,000, in- 
cluding $4,215,500 of capital. This by itself is a large sum, but, 
deducting the capital, is only an eighth part of the liabilities. So 
that it appears that all these companies combined, for each dollar of 
present liability, have in realized assets one dollar and one-eighth. 
This may, at first thought, seem a narrow margin, but when it is con- 
sidered that the law of mortality, upon which the premiums are 
based, was long since ascertained, with an exactness which observa- 
tion and experience for nearly half a century have confirmed as ap- 
proximately correct and trustworthy, it will be concluded that the 
margin is ample, provided the business be properly conducted in all 
its channels, and interest earnings do not fall below the rate at which 
premiums are computed. 

INCOME. 





Premiums. 


Interest, Divi'ds, Rent, etc. 


Total Income. 




1S84. 


1885. 


1884. 


1885. 


1884. 


1885. 


8 Conn. cos.. 
19 other cos.. 


$g, 400, 309 63 
58,059,965 18 


#9,423.185 50 
6 3,93 6 ,532 22 

73,359>7 I 7 72 


fc,690,34 8 45 
I 7,933,545 87 


$6,207,167 99 
19,301,703 71 


15,090,658 08 
75.993,5" 05 


15,630,353 49 
83,238,235 93 


27 companies. 


67,460,274 81 


23,623,894 32 


25,508,871 70 


91,084,169 13 


98,868,589 42 



Premium income increased $5,900,000, the gain being made by 
outside offices. Though some of the domestic companies increased 
the premium receipts handsomely, there was a falling off among 
others sufficient to counterbalance. Interest income shows a gain on 
the preceding year of about $1,900,000, a marked change in this 
account, the interest received in 1884 having declined $362,000 
below the sum realized in 1883. 



OUTGO. 





Paid Policy-holders. 


Other Payments. 


Total Outgo. 




1884. 


1885. 


1884. 


1885. 


1884. 


1885. 


8 Conn. cos.. 
19 other cos. . 


10,837,055 77 
44,389,624 38 


11,364,918 19 
47,015,661 52 


#2,530,317 65 
15,146,137 11 


#2,668,738 04 
I 5,45o,735 22 


i3,367>373 42 
S9,535,76i 49 


14,033,656 23 
62,466,396 74 


27 companies. 


55,226,680 15 


58,380,579 71 


1 7,676,454 7 6 


18,119,473 26 


7z,9°3, I 34 9 1 


76,500,052 97 



Vlll REPORT" OP THE INSURANCE COMMISSIONER. 

The munificent sum of fifty-eight million dollars was disbursed 
among policy-holders, and nearly one-fourth of the current premium 
was paid out for taxes and other expenses, exclusive of stockholders' 
dividends. The excess of income over outgo was $22,368,000, and 
accounts for so much of the ($28,838,000) gain in assets already re- 
ferred to. The balance, six and a half millions, represents the en- 
hanced value placed upon the investments, as compared with the year 
before, and the advance averages four per cent, upon the entire body 
of stocks and bonds owned. If this gain be regarded not as a per- 
manent improvement, but as a temporary fluctuation, liable to change 
its direction at any time, and therefore not to be considered as a 
realized profit, (and this would be the conservative view to take of it,) 
the nine millions nominally added to surplus for the year would be 
reduced thereby to two and one-half millions. 

Whilst in the annual exhibits of condition it is entirely proper that 
the assets should be shown with the current market prices affixed, 
yet, in the determination of the rate of dividend, all prudent man- 
agers will place different and smaller values upon the same, below 
which there is little probability that the market will go. Lack of 
uniformity in dividends would be the least serious result caused by 
basing them for this purpose upon a fluctuating stock market. Taking 
all the offices as one whole, no dividends have been made in the year 
past from these nominal gains. They have been carried in a body to 
surplus account, with two and a half millions of legitimate earnings 
beside. 

The average rate per cent, of interest received on the mean amount 
of assets was 5.15, against 5.05 in the preceding year. But as the 
mean assets may be greater or less than the lawful reserve required, 
the table (16) showing rate received on assets might be advanta- 
geously modified hereafter, or another table added, showing the rate 
computed upon the reserve at the beginning of the year, with the 
year's premiums added. By the mathematical theory of the business, 
an office must earn a certain rate of interest (usually reckoned at four 
per cent.) upon the reserve at commencement of the year and the 
year's net premiums combined, in order to maintain solvency. The 
net premiums are calculated on this basis. The reserve at the begin- 
ning of 1885 ($410,000,000), and the year's net premiums (say 
$55,000,000*), together make the sum of $465,000,000. The interest 
on this, at four per cent., is $18,600,000. The amount of interest 
actually realized was $25,500,000, or $6,900,000 in excess of the sum 

* The theoretical net premiums were probably about $60,000,000, the sum stated above being 
found by deducting all taxes and expenses, and this deduction is equivalent to a loading of the net 
premium to the extent of 33^ per cent. 



REPORT OF THE INSURANCE COMMISSIONER. 



IX 



required. The rate per cent, is 5.48, or 1.48 percent, more than 
the requisite rate. 

These contracts extending over the whole term of life, and the 
consideration being unalterably fixed at the outset, it becomes of 
vital importance to their fulfilment that the interest realized shall not 
fall below the rate at which the premium is calculated. The past and 
the present are secure in this respect, but the future is uncertain. 
The rate of interest has been declining for ten years. When loans 
mature they are paid off, and new loans are made at reduced rates. 
This city can borrow now at one-half the rate paid ten years ago. 
The full effect of the fall in interest-rate to the level where it 
now is will not be felt by the companies until the old loans have 
matured. The abundance of capital and the easy condition of the 
money market seem to surpass, or at least keep even with, all the 
requirements of business, and the rate of interest cannot rise. It 
may decline to an extent compelling a moderate advance in premiums 
(or else a reduction in expense of carrying on the business), and 
the maintenance of a higher reserve. The companies, in the aggre- 
gate, at present market values, have assets in excess of absolute 
liabilities fully equal to a three per cent, reserve, and it seems to be 
the part of wisdom, in view of the uncertainty of future interest 
•earnings, to maintain the funds at that level, rather than to reduce 
them by dividends. By so doing, an advance in rates of premium 
hereafter may be obviated. 



PROGRESS OF COMPANIES. 



The new business of the last two years may be seen in the follow- 
ing comparative exhibit : 





Number 


Policies. 


Gain. 


Amount 


Written. 






1S84. 


1885. 


1884. 


1885. 




8 Conn, companies 


13,530 
679,026 


15,429 
69 s , 33 2 


1,899 
i9,3 6 


$24,818,527 
323,300,931 


$30,082,446 
384,290,182 


$5,263,919 
60,989,251 




692,556 


713,761 


21,205 


$348,119,458 


$414,372,628 


$66,253,170 





The amount written is $66,253,170 more than in 1884, and over 
$90,000,000 more than in 1883, whilst the amount terminated by 
death, maturity, expiry, lapse, and other ways, increased only four 
and a half millions. The whole amount at risk under all the policies 
in force was as follows : 



REPORT OF THE INSURANCE COMMISSIONER. 



December 31. 


Number and Amount of Policies in Force. 


Gain. 


1884. 


1885. 


1884. 


1885. 


No. 


Amount. 


8 Conn, companies 


181,491 
1,300,267 


182,480 
1,543,028 


$318,812,589 
-.517,299,534 


#320,864,886 
1,678,095,157 


989 
242,761 


#2,052,297 
160,795,623 




1,481,758 


i»72S.S° 8 


$1, 836,112,123 


$1,998,960,043 


243.75o 


$162,847,920 





The total amount at risk is very nearly two thousand million dol- 
lars, the present value of which obligation is less than twenty-two 
per cent, thereof. The year's increase is $163,000,000. The growth 
of the preceding year was $115,000,000. The business will ere long 
assume gigantic proportions, if its progress continues as at present. 
In seventeen years the assets of companies transacting life insurance 
in this State have grown from one hundred and forty-four millions 
to four hundred and ninety-four millions of dollars. The next 
seventeen years should about double the present sum. The surplus 
is now nearly three times as large as then, and so is the premium 
reserve. 

INSURANCE TERMINATED. 

Two hundred and fifty-four millions of dollars of insurance carried 
by these companies terminated in 1885, and six-tenths thereof ceased 
by surrender and lapse. The modern facilities for the surrender of 
policies undoubtedly increase the withdrawals largely, and thereby 
inflict a serious injury upon the remaining members of a mutual com- 
pany. A substantial forfeiture in case of withdrawal, which is noth- 
ing else than non-performance of contract, is essential to the welfare 
of the company, (which, if mutual, consists of the policy-holders,) 
and is in entire accordance with the principles of equity, as it is with 
the laws of this State. For the highest prosperity of, and the reali- 
zation of the best results to, the associate members, such substantial 
forfeiture is absolutely indispensable, and the only question that can 
fairly be raised is as to its proper limit. There are offices issuing spe- 
cial classes of policies miscalled by them Tontine or semi-Tontine, and 
by some others, perhaps deceived by the misnomer, miscalled gambling 
policies. They are, in fact, neither the one nor the other. They in 
no wise differ from the endowment assurance policies issued by all 
other companies, except in the extent of forfeiture in case of lapse- 
But a Tontine policy proper grants no assurance during the Tontine 
period, but only promises an endowment at the end of the term to- 
the nominee, if then alive. A true Tontine policy resembles a sim- 
ple endowment, where a single premium is paid in for an endowment 
at the close of the endowment term, payable only if the nominee be: 



REPORT OF THE INSURANCE COMMISSIONER. XI 

then living. If deceased within the term, there is no endowment, 
and no return of premium even. Now all companies will grant 
simple endowments, and none of them would think of designating 
the transaction as gambling. Why then should the policies that 
cover both an endowment and an assurance for the whole term be 
called either Tontine or gambling contracts ? All companies make 
the same policy contracts, the only difference being that, in case of 
lapse, one will allow something for the surrendered policy, (generally 
only in reversion,) whilst the other allows nothing. The principle 
involved is the same. The only difference is in the extent of the 
forfeiture. Neither will pay the surrender value, but one gives some- 
thing, and the other gives nothing. As the premiums are annual, 
there may not be in an individual case the risk of so great loss by reason 
of lapse as attaches in single-premium simple endowments to the 
chance that the endowee may not survive the term. Moreover, if 
lapse occurs, the life has been insured till then, and it is only the 
balance of the premium, not required to pay for this insurance, that 
is forfeited. The forfeitures by lapse in the class where no return of 
premium is made will be so much fewer in number than in the other, 
that it may be doubted whether the hardship inflicted by the total 
forfeiture of policy-value by lapse would aggregate any more, on 
short endowment assurances, than that sustained by reason of the 
partial forfeiture, supposing an equal number of members of like ages 
in each class at the commencement. 

The foregoing must not be taken to mean that either plan is 
superior to the other for all the insuring public. Persons dependent 
on daily earnings cannot afford to take risks which those not so 
dependent may with propriety assume. And doubtless many are 
induced to take out these so-called semi-Tontine policies whose cir- 
cumstances do not warrant them in running the chance of total for- 
feiture by reason of inability to meet and make the annual payment. 
But there are many others, in easy circumstances, not engaged in 
hazardous business pursuits, who, with a reasonable approach to cer- 
tainty, will be able to pay all the instalments of premiums. Which 
company or society would such persons most advantageously choose 
to become associate members of, the one where all are strongly 
bound to perform their agreements, or the one where any member is 
allowed to retire at will, with "crowns for convoy put into his 
purse?" A bare statement of the proposition carries the obvious, 
reply. 

The true conclusion seems to be that no single plan is adapted to> 
all the wants and conditions of men. Like food or physic, what is 
good for one person may be bad for another. All honest plans 



Xll REPORT OP THE INSURANCE COMMISSIONER. 

should be within reach, so that the individual seeking to purchase a 
benefit contingent upon the duration of his life, may have the oppor- 
tunity of a judicious selection, adapted to his own peculiar wants and 
circumstances. 

INDUSTRIAL INSURANCE. 

Four of the twenty-seven companies whose transactions are con- 
solidated in the statistics already given prosecute chiefly the business 
known as industrial insurance. Policies average but little more than 
$100 in amount, and the premium is paid weekly. Five or ten cents 
a week, according to age, will purchase an assurance of $100 for per- 
sons not past middle life, and thus a small provision for the future is 
brought within the reach of all who are insurable. The great body 
of workers dependent on slender daily wages ought to avail them- 
selves of this plan, and not only great private but also public benefit 
would result therefrom. The business is new in this country, but is 
extending rapidly. The four companies alluded to had outstanding 
at the close of the last year 985,000 policies, covering $109,000,000, 
being an average amount of about $110. The amount at risk in- 
creased about one-third during the year, say $27,000,000. 

The tables generally employed for valuing weekly-premium policies, 
being based upon conditions that do not obtain in practice, (that is to 
say, the conditions and terms of the policies,) are clearly erroneous, 
and in this office have been discarded, and superseded by tables calcu- 
lated by the actuary of the department, upon assumptions according 
with practice, and by methods which render them rigidly true to the 
last place of decimals employed. An explanation of the new tables 
will be found in a note appended hereto. 



BUSINESS DONE IN CONNECTICUT. 

The amount of new insurances upon lives of Connecticut residents 
made in 1885 by the twenty-seven companies was $6,553,000, of 
which the sum of $1,609,000 was written by the eight domestic com- 
panies. The amount written in 1884 was $6,002,000. The whole 
risk carried in the State by these offices was $52,610,000, against 
$49,601,000 at the close of the previous year — a gain of six per cent. 
The whole number of policies outstanding December, 1885, was 
52,302, of which number industrials comprised just about one-half. 
This averages thirty-eight policies to each one hundred voters, nine- 
teen for $1,910, and nineteen for $110 each. In addition to this 
business, there is to be reckoned the amounts covered by the offices 
mentioned in the next paragraph. 



REPORT OF THE INSURANCE COMMISSIONER. 



Xlll 



ASSESSMENT COMPANIES. 



The year's progress of six associations conducted upon the assess- 
ment plan, authorized to transact the business of insuring lives in 
this State, is exhibited in the following tabulation of policies out- 
standing : 



December 31. 


Policies, 1884. 


Policies, 1885. 


Year's Gain. 


Number 


Amount. 


Number 


Amount. 


Number 


Amount. 


2 Connecticut companies 

4 other U. S. companies 


17,856 
53,6i6 


$45,769,000 
185,937,900 


21,636 
73,263 


$55,5i8,ooo 
247,890,650 


3,780 
19,647 


$9,749,°oo 
61,952,750 




7!,472 


$231,706,900 


94,899 


$303,408,650 


23,4 2 7 


$71,701,750 





The increase in amount is thirty-one per cent. Add the sum cov- 
ered by these six companies to that covered by the old-line offices, 
and the total amount is $2,300,000,000. 

In this State the two domestic companies had $8,344,500 at risk, 
an increase of nearly $1,500,000 during the year. Owing to a defect 
in the annual statement of one association, the amount at risk in the 
four foreign associations on lives of residents in this State cannot be 
stated with exactness, but is estimated at $1,305,000, making for the 
six associations an aggregate risk on residents of this State of 
$9,650,000. This sum swells the amount insured by all the life com- 
panies upon Connecticut residents to $62,260,000 — an average of 
$455 to each voter. If the six millions of insurance against acci- 
dental death be added, the average share of each voter, if so dis- 
tributed, would be about $500. 

Three new tables have been added to those heretofore exhibited, 
which are designed to show, in condensed form, the condition and 
business of the assessment associations, singly and jointly. They are 
distinguished by Roman numerals. 

All of this class of companies yet admitted pay in full in case of 
loss; i. <?., they pay the maximum amount named in their certificates. 
And it seems clear that no good object is to be gained by permitting 
any office to continue in business after it ceases to pay the full sum 
on which the certificate-holder has been assessed. When it ceases to 
do this its mission for good is ended. "Pay up or shut up," trans- 
lated from the vernacular into classical legal verbiage, should become 
a part of the written law of this, as it is of a neighboring, Common- 
wealth. 



XIV 



REPORT OF THE INSURANCE COMMISSIONER. 



ACCIDENT INSURANCE. 

Four of the companies named in Part II and one of those in Part 
1 transact the business of insuring against loss by death or disabling 
injury, or both, from accidents. The Mutual Benefit, of Hartford, is 
represented to cover only the risk of injury. Hence the limit of its 
risk would be the whole sum that it could be called upon for during 
the unexpired term of all policies, or the amount of the maximum 
number of weeks' benefit on all the policies in force, less the amount 
already paid on the same during the current year. The amount at 
risk subject to weekly benefits only is not computed or stated by any 
office; but, instead, the amounts payable in case of accidental death 
are given. This company and the United States Accident Company 
are practically mutual assessment associations. The others are stock 
companies. 

GENERAL BUSINESS STATISTICS. 



Year 1885. 


Premiums. 


Losses Paid. 


Amt. at Risk. 


At Risk in 
Conn. 


Connecticut Companies. 
Continental 


$I,6o6 OO 

1,974,339 59 

Not 


$8 OO 

885,012 34 
separated 


$394,500 
193,384,708 
in annual 


Not stated. 


Travelers 


$4,269,680 
statement. 


Mutual Benefit 






Totals 


#1,975,945 59 

$200,313 61 
393,078 25 


$885,020 34 

#75,771 38 
158,129 67 


#193,779,208 

$28,208,527 
132,593,500 


$4,269,680 

^■$500,000 
932,000 


New York Companies. 
Fidelity & Casualty 

U. S. M. Accident 




#593,391 86 


$233,901 05 


$160,802,027 


$1,432,000 






#2,569,337 45 


$1,118,921 39 


$354,581,235 


$5,701,680 
* Estimated. 



It appears that these four offices had in force last December three 
hundred and fifty million dollars' insurance against death by acci- 
dental means, besides the weekly benefits attached to disabling 
injury. Residents of this State held about six millions of this insur- 
ance. The business was inaugurated in this country twenty-two 
years ago, and it came rapidly into favor with the insuring public. 
Its contract stipulation for weekly benefits in case of disabling acci- 
dental injury may have tended, in some degree, to check the estab- 
lishment of societies providing sick and burial benefits, such as exist 
(in Great Britain. 



REPORT OF THE INSURANCE COMMISSIONER. XV 

COMPANY EXAMINATIONS. 

In making the examination of the life insurance companies of the 
State, as the law requires, their statements, as published in the insur- 
ance reports, were found generally correct, the principal difference 
being one of opinion as to the market value of their assets, and this 
varied so much with the Charter Oak that the Commissioner deemed 
it his duty to apply to the Court for the appointment of a Receiver. 
After a hearing, which lasted several days, in view of certain arrange- 
ments that the Company proposed to make in the interest of its 
policy-holders, it was thought advisable, in which the judge con- 
curred, to withdraw the application. It is proper to say that, so far 
as the assets of the Company have been disposed of, that the appraisal 
of them, ,as made by the Commissioner, has been fully sustained. 
This, with the fact that the Company has applied to the General 
Assembly for a modification of the law as to its operations upon 
them, making it for three years discretionary with the Insurance 
Commissioner, instead of obligatory, as to bringing a petition for a 
Receiver, and also their application to be authorized to dispose of 
their office building, at their valuation, to their policy-holders that 
might be willing to take it in exchange for their policies, together 
with their last annual statement, which shows a larger impairment 
than the one acted upon by the Commissioner, would seem to vindi- 
cate the application for a Receiver at that time. 

The condition of the Continental Life Insurance Company has 
been alluded to, and its management commented upon, in several 
public articles. An examination of its affairs shows that in the sub- 
stitution at various times of certain securities for others not of well- 
known market value there was cause for criticism, and such manage- 
ment fortunately is not in accordance with the method and custom of 
our strongest companies, but at the same time it should be stated that 
if their cement stocks and bonds are as valuable as represented (and 
herein there may be a difference as to values, as their actual worth is 
difficult to ascertain), then the Company's assets, and their excess 
over its liabilities, show that its condition is solvent. 

In retiring from office, I shall transmit its affairs to the gentleman 
who has been appointed my successor, with the consciousness that I 
have endeavored to conduct its business under a fair appreciation of 
the various interests involved in the legitimate duties of the office ; 
and it is a pleasure to bear witness to the courtesy and consideration 
that have been invariably shown by the officers of our companies in 
the frequent appeals that have been made to me to arrange business 
differences which, from time to time, have occurred between the 



XVI REPORT OF THE INSURANCE COMMISSIONER. 

insurer and the insured. It would more properly seem to be one of 
the duties of this department to enforce the laws as they exist, and 
make such suggestions to the General Assembly regarding them as 
experience and circumstances, from time to time, require, rather than 
take an active part in the discussions of insurance journals and others 
on the merits of the different schemes and plans of insurance which 
are put before the public. For it is safe to infer that those who have 
made insurance a life-study are the best judges of what is wise and 
desirable in the management and development of insurance, since 
self-interest, if no other, would induce those who are at the head of 
the profession to offer to the public a fair future equivalent for the 
use of their money in premiums received. 

If I had conformed more generally to the fashion, and indulged in 
a discussion of these questions, which seems to be a growing tendency 
on the part of insurance officials, possibly some ephemeral notoriety 
might have been gained ; but it could not justly be considered as 
belonging to the functions that properly attach to the office of 
Insurance Commissioner. 

I have endeavored to make the office effective in the duties that 
belong to it, and have requested the attention of the General Assem- 
bly, during my term of office, to some laws that, in my judgment, 
required amendment. Much remains yet to be done in this direction, 
in order to more fully carry out the purposes for which the depart- 
ment was instituted. And in whatever of good may have been 
accomplished, I should fail in a privilege, as well as a duty, if I did 
not bear testimony to the fidelity and interest that have been always 
manifested by the employes of this office in the discharge of their 
respective duties. 

Respectfully submitted, 




Insurance Commissioner. 



EXPLANATORY NOTE. XV11 

EXPLANATORY NOTE BY ACTUARY. 
Hon. Ephraim Williams, Insurance Commissioner: 

Sir : — In reference to the new tables which I have constructed for the valuation 
of weekly-premium policies, the following explanations are made public, in order 
that any error in either assumption or procedure may be detected and pointed out, as 
it surely will be if any has been committed. 

Hitherto different tables have been employed for this purpose, but offices and 
department actuaries have generally settled down to the use of annual-premium 
tables, employing, of course, only the terminal values of each policy year, and inter- 
polating between these terminal values for intermediate periods. Now it is tacitly 
assumed, in applying these values to weekly-premium policies, that the Reserve at the 
end of any specified year must be the same in both cases, — otherwise they would not 
be applicable. But such is not the fact. The annual premium is paid through life 
at the beginning of each year. The weekly premium is paid through life at the be- 
ginning of each week, and no longer. There is no stipulation for collecting the 
portion of fifty-two weekly premiums unpaid in the year of death. In other words, 
there is no deferred premium.* It is easy to see that the office loses a portion of a 
year's premium in the year of death in the latter case, which it has collected in 
advance in the other case. Such loss of premium will average approximately, at 
each death, (except at extreme ages,) -f-^ of fifty-two weekly premiums. It follows 
that the Reserve at any anniversary of the policy must be enough greater than the 
annual-premium-policy Reserve to make up for this loss in the year of death. That is 
to say, the Reserve will be larger by the then present value of ^^ of fifty-two 
premiums lost to the office in the year when the life fails — or, the present value of 
•4903846 of a year's weekly premiums at entry-age. 

This will be plain enough to those only who are familiar with such matters. 
Let me try to make it intelligible to others. The value of a policy' is ascertained by 
computing the present value of the office obligation (which is the sum assured) on 
the one hand, and, on the other hand, the present value of the premiums to be paid 
by the assured. The difference is the value of the policy. At the inception of the 
contract, before the first premium is paid, these two values are identical, and the 
policy has no value. The moment the first premium is paid the policy acquires a 
value of like amount. This value then decreases till the next premium is paid, when 
it rises immediately by that sum, and so on. Now at every age an annuity-due, 
payable yearly, is worth more than an annuity-due, payable weekly. The annuity-due 
is the value of future annual premiums of 1, or of weekly instalments of -jJj, through 
life. At the beginning -j- or end of any policy year, therefore, the value of future 
annual premiums will exceed that of future weekly premiums so computed, and the 
value of the office obligation being the same in both cases, the policy value will be 
less, the difference between the respective obligations of the assurer and assured being, 
less. In point of fact, (using the Actuaries' Table of Mortality (extended) and interest 
at four per cent.), the value of future weekly premiums, when computed correctly, 
that is to say, so as to make whole the fraction lost in the year of demise, will be 
less, at the end of any year, than the value of future annual premiums, at all ages of 
entry above six. 

With these limitations, it may be laid down as a general proposition that the 
present value of future annual premiums, at the end of a policy-year, exceeds the 
value of future weekly premiums, by just the present value of the weekly premiums 
that will be uncollected in the year of demise, — and the value of the weekly-premium 
policy as derived from annual premium tables will be too little by just so much. 
And at the end of any policy-year, the value of future annual premiums will exceed 
that of future weekly premiums {correctly computed) by just the present value of so 
much of the weekly premiums lost in the last year of life as remains to be provided 
for and accumulated in the weekly-premium-policy Reserve, out of future premiums. 
That is to say, this difference is that portion of the additional Reserve required which 
has not already accumulated from past premiums. 

It becomes needful, therefore, to frame other tables for valuing these policies, 
generally called " industrial." This might be done by multiplying the value brought 

*N. B. — If there were such stipulation in the policy, then the annual-premium terminal 
valuation would be correct, so far as concerns the point under consideration, 
t Before the premium then due is paid. 



XV111 EXPLANATORY NOTE. 

out from annual-premium tables by unity plus -49 of fifty-two weekly premiums for 
the entry-age. This would yield the desired increase, or near enough for business 
purposes. But it would not be exact, and, besides, the value of fifty- two weekly 
premiums at each age would have to be computed. This could be done roughly, 
however, by merely adding 51 (fifty-one cents) to the value of the ordinary annuity, 
and dividing the single premium by the sum. When the factors are so formed the 
values would have to be found, not by mere inspection, but by inspection and a mul- 
tiplication. The operation would be needlessly long. I preferred, therefore, to 
begin ab initio, and make tables that would exhibit the values at a glance. The 
chief thing to do was to construct a correct and complete Table of Values of 
Annuities-due, payable in weekly instalments. For this purpose, Woolhouse's 
formula, which gives the value true to five decimal places, was employed, viz : 

Here the symbol on the left side stands for the annuity sought ; 3- is the ordinary 
annuity-due; m equals the number of payments in a year; and M and D, for the 
want of the usual symbols, are made to represent respectively the instantaneous force 
of mortality, at the precise age for which the annuity is calculated, and the force of 
discount, or that rate of interest which compounded momently would produce the 
effective rate i in a year. D is numerically expressed by the hyperbolic logarithm of 
(1+i), and, when i equals -04, d equals -03922071. M was computed for ages be- 
tween 10 and 85 by dividing the sum of the decrements in two consecutive years by 
twice the number living at the beginning of the second year, which is the middle of 
the term. At extreme ages M was computed by Woolhouse's method of central 
differences, after extending the eight differences four places upwards at the beginning 
and downwards at the end of the Mortality Table. For age 0, however, the value 
of M was obtained by the ordinary method of differences, only employing the unusual 
number of fourteen. This number of differences was taken, and no more, because 
they are all in the same direction, and because at age 14 there is a flexure in the life 
curve, and the second difference changes sign. Or, rather, the second difference 
becomes zero, without sign. 

The formula mentioned above gives the value of the annuity-due, payable in 
weekly instalments, correct in five decimal places, unless at the most advanced ages. 
These values were computed for all ages, by the Actuaries' Mortality Table extended 
back to birth, for the valuation of industrial policies, as adopted by the convention 
of Insurance Commissioners. 

Having obtained these annuity values, a division of the single premiums by them 
gave the sum of fifty-two weekly premiums at every age. With the premiums and 
annuities computed, the values of policies for different years' duration were readily 
ascertained by the usual logarithmic process. 

After completing the policy-values for each of seven years' duration, I found 
that they were all slightly erroneous, and that the same error arises in the use of 
annual-premium-policy valuation tables for weekly-premium policies. This is a 
second objection to the use of those tables. All the valuation tables for annual- 
premium policies are based upon the assumption that the claim is payable at the end 
of the policy-year in which the assured dies, or say, on an average, six months after 
death.* But weekly-premium policies are by their terms payable at decease, or six 
months earlier than is assumed in the tables. The present value of the obligation 
resting on the office is, for this reason also, greater than in the case of an annual- 
premium policy, and the Reserve must be higher on this account. The value of this 
obligation, which is the single premium, could be found approximately, that is, true 
to three or four decimal places generally, by multiplying the single premium for an 
assurance payable six months after death by (1-f i)K. But there is a more exact 
method. The formula is 

1 — DA. 

Here D signifies, as before, the force of discount, and A the value of a contin- 
uous annuity accruing and payable momently. The values of this annuity are easily 

* This assumption is not true at the present day, and these tables need revision. All offices 
pay within three months of death, and some immediately. 



EXPLANATORY NOTE. 



XIX 



formed from the ordinary annuity values, — if the joint forces of decrement, mortality 
and discount, have been computed, — by means of the following relation : 

, 1 M + D 

Here & symbolizes the ordinary annuity, first payment at the end of a year. 
Having thus obtained the values of continuous annuities, the single premiums for 
assurances payable at death are readily computed by means of the preceding formula. 
And if the number expressing the force of discount be taken to eight decimal places, 
the first figure being zero, the result will be correct in at least six decimal places. 
Then a division of this single premium by the weekly annuity-due will give the sum 
of fifty-two weekly net premiums for an assurance payable at death. The values of 
the policies are then readily and correctly found by deducting the value of future 
premiums from the single premium, as before described. The difference in value 
between a weekly annuity payable in advance and a continuous annuity payable 
momently is very slight — only about a unit in the second decimal place (when inter- 
est is reckoned at four per cent.) — and is nearly uniform at all ages. 

The values of weekly-premium policies thus ascertained will, unless I greatly 
err, be exactly true, and, for all ages of entry above six, will exceed, after only a 
single year's duration, the values derived from annual-premium-policy-tables. The 
longer the duration of the policy, the greater the difference. The offices have been 
transacting industrial insurance for eight or ten years, and the proper method of 
valuing the policies is a matter of increasing importance. 

Although this Note has spun out to a length unanticipated, I still desire to 
append certain tables, in order that others may investigate their correctness, but want 
of space compels the omission of all but fractions of the same. All the subsidiary 
tables employed were computed by me, even to the monetary tables, for fear of 
typographical errors in such as were in print. I should be glad to print the tables of 
amounts and present values of 1 at four and four and one-half per cent., for each 
year up to loo inclusive, but as the four per cent, tables are carried to sixteen 
decimals, and the others to thirty decimals, it is impracticable at this time. Each 
table has been verified and found true to the nearest unit in the last place of decimals, 
which in the four and a half per cent, tables is the thirtieth. 

Very respectfully, 

J. H. SPRAGUE. 

Values of Annuities-due, Payable Weekly and Momently, and of 
Assurances Payable at Death. Act. Ex'd, — 4%. 



AGE. 


WEEKLY ANNUITIES. 


CONTINUOUS ANNUITIES. A 


SSURANCES. 


O 


I5'704 593 


I5-694 968 


384 432 


5 


20-049 J 37 


20-039 520 


214 O36 


10 


19 959 366 


19 949 749 


217 557 


15 


19-503 407 


!9"493 790 


235 440 


20 


18-956 124 


18-946 507 


256 905 


25 


18-308 452 


18 298 835 


282 307 


3° 


17-545 263 


17-535 646 


312 240 


35 


16-649 95° 


16-640 333 


347 354 


40 


I5-598 436 


15-588 819 


388 595 


45 


14-362 477 


14-352 860 


437 071 


50 


12-975 37i 


12-965 754 


491 474 


55 


11-482 473 


11-472 856 


550 026 


60 


9-918 613 


9.908 995 


611 362 


65 


8-338 288 


8-328 670 


673 344 


70 


6818 184 


6- 808 565 


732 963 


75 


5-4I2 957 


5-403 337 


788 077 


80 


4-154 987 


4-145 366 


837 416 


85 


3-031 726 


3-022 103 


881 471 


90 


1-961 172 


I-95 1 544 


923 459 


95 


1 • 024 448 


1 -014 806 


960 199 


99 


•364 536 


"354 867 


986 082 



LIFE AND ACCIDENT 



INSURANCE COMPANIES 



OF THIS STATE. 



ABSTRACTS COMPILED FROM THEIR ANNUAL STATE- 
MENTS, SHOWING THEIR CONDITION ON THE 
3 1 st DAY OF DECEMBER, 1885. 



iETNA LIFE INSURANCE COMPANY. 
.ETNA LIFE INSURANCE COMPANY, 

HARTFORD, CONN. 

Commenced Business, 1850. 

Morgan G. Bulkeley, President. J. L. English, Secretary. 



I. CAPITAL. 

Capital stock paid up in cash $ 1,000,000 

Amount of net or ledger assets December 31, 1884. . $28,539,076 82 



II. INCOME DURING THE YEAR. 

Cash received for premiums without 
deduction for commissions or other 
expenses $2,536,645 34 

Premium notes, loans, or liens, taken 

part payment for premiums 126,588 19 

Premiums paid by surrendered policies, 182,553 J 9 

Premiums on new business, $344,- 
945.05, on old, $2,500,841.67. 

Total $2,845,786 72 

Deduct amount paid to other com- 
panies for reinsurance on policies 
of this company, less $1,353.99 divi- 
dends thereon 295 31 

Total premium income $2,845,491 41 

Interest on mortgage loans 1,017,619 11 

Interest on bonds owned, and dividends on stock. 518,694 28 

Interest on premium notes, loans, or liens 93 ,r 39 98 

Interest on other debts due the company 23,834 91 

Discount on claims paid in advance 1 2,828 40 

Interest on deposits 25,008 75 

Profit on bonds and stocks actually sold 43,258 03 

Total income 4,579,874 87 

Total ■' $33,118,951 69 



4 iETNA LIFE INSURANCE COMPANY. 

III. DISBURSEMENTS DURING THE YEAR. 

Cash paid for losses and additions. . .$1,320,922 18 
Premium notes, loans, or liens used in 

payment of same 73>953 57 

Cash paid for matured endowments 

and additions 851,273 21 

Premium notes, loans, or liens used in 

payment of same 3°>333 59 

Total $2,276,482 55 

Deduct amount received from other 
companies for losses or claims on 
policies of this company reinsured, 4,108 00 

Total amount actually paid for 
losses and matured endowments $2,272,374 55 

Cash paid for surrendered policies 57>988 5 2 

Premium notes, loans, or liens used in purchase of 

surrendered policies, and void by lapse 59,266 59 

Cash surrender values, including reconverted addi- 
tions, applied in payment of premiums 182,553 *9 

Cash dividends paid to policy-holders 427,086 50 

Premium notes, loans, or liens used in payment of 

dividends to policy-holders 120,202 57 

Total paid policy-holders. .. .$3,119,471.92 

Dividends to stockholders 100,000 00 

Commissions to agents 3°°>l I 9 77 

Salaries and traveling expenses of managers of 

agencies, and general, special, and local agents, 36,631 38 

Medical examiners' fees I 7?739 IO 

Salaries and other compensation of officers and other 

office employes 64,343 16 

State and local taxes in State where organized, 
$55,984.79; taxes, licenses, fines and fees in other 
States, $25,940.71 81,925 50 

Rent 9,188 60 

Furniture and fixtures and safes for home and agency 

offices 344 26 

Advertising 8,- 2 79 99 

Sundries, viz.: Supplies, $12,091.94; law,$3,384.6i ; 
postage, $14,014.68; express, $2,364.86; tele- 
grams, $577.32; printing, $2,429.32; stationery, 
$1,924.08 ; travel, $6,614.35 5 exchange, $1,689.68; 
incidentals, $2,730.67 47,821 51 

Total disbursements $3,785,865 19 

Balance ' $29,333,086 50 



MTSA LIFE INSURANCE COMPANY. 5 

IV. ASSETS. 

AS PER LEDGER ACCOUNTS. 

Real estate unencumbered, as per Schedule A $369,312 80 

Loans on bond and mortgage (first liens) 15,226,762 97 

Loans secured by pledge of bonds, stocks, or other 

marketable collaterals, as per Schedule C 446,807 31 

Loans made in cash to policy-holders, on this com- 
pany's policies assigned as collateral 231,162 12 

Premium notes 1,782,399 75 

Cost value of bonds and stocks owned absolutely, as 

per Schedule E 7,971,117 34 

Cash in Company's office IO >754 75 

Cash deposited in banks 3,273,270 1 1 

Bills receivable 9>945 43 

Agents' ledger balances x I >553 9 2 

Total net or ledger assets $29,333,086 50 

OTHER ASSETS. 

Interest due and accrued on bond and mortgage loans 286,029 22 

Interest due and accrued on bonds and stocks 81,513 94 

Interest accrued on collateral loans 9>77° °° 

Interest accrued on premium notes, loans or liens 70,690 52 

Market value of bonds and stocks over cost, as per Schedule E. . . . 574,898 81 

Gross premiums due and unreported on policies in 

force December 31, 1885 < $69,783 82 

Gross deferred premiums on policies in force De- 
cember 31, 1885 136,489 02 



Total $206,272 84 

Deduct the loading on above gross amount. . 41,254 56 

Net amount of uncollected and deferred premiums 165,018 28 

Total assets $30,521,007 27 

ITEMS NOT ADMITTED. 

Ledger balances ^11,553 92 

Bills receivable 9>945 43 

Total 21,499 35 

Total assets (less items not admitted) $30,499,507 92 

V. LIABILITIES. 

Net present value of all the outstanding policies in 

force December 31, 1885, computed according to 

the Actuaries' or Combined Experience Table of 

Mortality, with four per cent, compound interest . . $24,844,629 00 

Deduct net value of risks on this Company reinsured 

in other solvent companies 50,281 00 

Net reinsurance reserve $24,794,348 00 



b ^TNA LIFE INSURANCE COMPANY. 

Claims for death losses due and unpaid $43,460 00 

Claims for matured endowments unpaid 42,639 00 

Claims for death losses and matured endowments in 

process of adjustment or adjusted and not due. . . 180,903 00 
Claims for death losses and other policy claims, 

resisted by the Company 23,000 00 

Total policy claims 290,002 00 

Unpaid dividends of surplus, or other profits due policy-holders. . . . 5°,534 38 

Premiums paid in advance 5,991 77 

Allowed for possible depreciation in real estate 50,000 00 

Liabilities on policy-holders' account $25,190,876 15 

Surplus, including capital, on policy-holders' account 5,308,631 77 

Total liabilities $3°>499,5°7 9 2 



Statement based upon a reserve established by the Act of i8jg. 

Assets $3°>499>5°7 9 2 

Liabilities — Net value of all policies in force, com- 
puted according to the American Experience 
Table of Mortality, and four and one-half per 
cent, compound interest $23,408,446 00 

Less net value of reinsurance 46,834 00 

$23,361,612 00 
All other liabilities 396,528 15 23,758,140 15 

Surplus, including capital, on policy-holders' account $6,741,367 77 



VI. PREMIUM NOTE ACCOUNT. 
Premium notes, loans, or liens on hand December 

31, 1885 $1,940,585 42 

Received during the year 126,588 19 

Total $2,067,173 61 



Deductions during the year. 

Notes, loans, or liens used in payment of losses and 

claims 104,287 16 

Notes, loans, or liens used in purchase of surrendered 

policies and void by lapse 59,266 59 

Notes, loans, or liens used in payment of dividends 

to policy-holders „ 120,202 57 

Notes, loans, or liens redeemed by maker in cash. . 8,958 12 

Total reduction of premium note account 292,714 44 

Balance note assets at the end of the year $1,774,459 l 7 



.ETNA LIFE INSURANCE COMPANY. 7 

VII. EXHIBIT OF POLICIES. 

Policies and Additions in force at the end of the previous year. 

Number. Amount. 

Whole life policies 36,713 $52,290,421 94 

Endowment policies 19,423 22,774,572 50 

Term 4,150 9.598,597 00 

New Policies issued during the year. 

Number. Amount. 

Whole life policies ; 1,268 2,292,808 oc 

Endowment policies 2,907 5,045,670 00 

Term T .536 3,679,820 00. 

Old Policies revived during the year. 

Number. Amount. 

Whole life policies 6 57,33° oc> 

Endowment policies 7 32,332 00 

Term 2 4,000 00 

Total number and amount 66,012 $95,775,551 44 

Deduct policies ceased to be in force 4.575 7.984,308 00 

Total policies in force at the end of the year. . 61,437 $87,791,243 44 



Policies ceased to be in force during the year. 

Number. 

By death 841 

By maturity (end) 939 

By expiry (term) 1 68 

By surrender 889 

By lapse 894 

By change and decrease .... 

By not taken 844 

Total terminated 4,575 



Amount. 
1,269,466 OO 
876,720 OO. 
4l8,IOO OO 

1,464,910 OO 

2,241,666 oo> 

39,127 OO 

1.674,319 OO. 

57,984,308 OO 



VIII. BUSINESS IN CONNECTICUT DURING 1885. 

Number. Amount. 
Number and amount of policies in force in Connecticut, 

December 31, 1884 2,872 $3,626,561 oo> 

Number and amount of policies issued during the year.. . . 133 239,739 00 

Totals 3.005 $3,866,300 00 

Deduct number and amount ceased to be in force . . 215 284,295 00 

Total number and amount in force Dec. 31, 1885, 2,790 $3,582,00500 



3 



iETNA LIFE INSURANCE COMPANY. 



Number. Amount. 
Number and amount of losses and claims on policies unpaid 

December 31, 1884 29 26,928 00 

Number and amount of losses and claims on policies in- 
curred during the year 131 127,690 00 

Totals 160 $154,618 00 

Number and amount of losses and claims on policies paid 

during the year 143 145,016 50 

Premiums collected in cash, $120,457.07; notes or credits, 

$5,803.34; total 126,260 41 

Schedule A — Real Estate owned by the Company. 

In Hartford $89,332 41 

Elsewhere in Connecticut 2,578 08 

In Illinois 155,820 12 

Indiana 1 12,232 19 

Iowa 2,300 00 

Minnesota 7,050 00 

Total $369,312 80 



Schedule C — Loans on Collateral. 

Par Value. 

United States Bank stock $7,500 

Willimantic Linen Co. stock 7, 500 

./Etna Fire Insurance Co. stock 8,000 

Hartford Carpet Co. stock 2,500 

United States Bank stock 1,300 

iEtna Fire Insurance Co. stock 4,400 

"Willimantic Linen Co. stock * 10,000 

Hartford Carpet Co stock 5, 000 

^Etna Fire Insurance Co. stock 4,000 

United States Bank stock 15,000 

./Etna Fire Insurance Co. stock 2,500 

./Etna Fire Insurance Co. stock 5,400 

Hartford Carpet Co. stock 3,000 

^Etna Fire Insurance Co. stock 10,000 

Keithsburg, 111., bonds 2,000 

City of Beardstown, 111., bonds 1,500 

United States Bank stock 5,ooo 

Orient Fire Insurance Co. stock 1,000 

Central Nat. Bank of Middletown stock, 1,200 

Travelers Insurance Co. stock 9,100 

Phoenix Fire Insurance Co. stock 1,600 

yEtna Fire Insurance Co. stock 15,600 

Wheeler & Wilson Mfg. Co. stock 32,500 

Orient Fire Insurance Co. stock 10,000 

Connecticut Fire Insurance Co. stock. . . 8,000 



ar. Value. 


Amt. Loaned. 


$13,875 ' 




13,500 




18,400 
5,000 


$47,700 OO 


2,405 




10,120 J 




l8,000 




10,000 




9,200 


58,363 31 


27,750 




5,750 J 




12,400 -1 




6,000 


► 16,400 OO 


23,000 J 




2,000 - 
1,500 j 


2,68o OO 


9,250 1 
850 j 


. 4,000 OO 


I,6oo 


1,200 OO 


22,750 1 
2,640 


. 14,400 OO 


35,88o 


12,500 OO 


78,000 


74,000 OO 


8,500 -, 

9,200 


: 16,000 00 



.ETNA LIFE INSURANCE COMPANY. 



9 



Par Value. 

Little Rock, Miss. River & Tex. R.R.bds., $13,000 

Pittsburgh & Western R. R. bonds 150,000 

Willimantic Linen Co. stock 5,825 

Southern N. E. Telephone Co. stock . . . 20,000 

/Etna Fire Insurance Co. stock 1,800 

^Etna Fire Insurance Co. stock 1,000 

Phoenix Fire Insurance Co. stock 2,400 

^Etna Fire Insurance Co. stock 1,600 

Plimpton Manufacturing Co. stock 10,000 

Willimantic Linen Co. stock ... 3>5°° 

Willimantic Linen Co. stock 4*875 

Stanley Rule and Level Co. stock 5,ooo 

/Etna Fire Insurance Co. stock 3,000 

^Etna Fire Insurance Co. stock 2,500 

Mortgages 2,500 

Totals $400,600 



Mar. Value. 

$13,000 

127,500 

10,485 

15,000 

4,140 

2,300 

3»96o 

3,680 

20,000 

6,300 

8,775 

12,000 

6,900 

5.75o 
2,500 



Amt. Loaned. 

$8,000 OO 

120,000 OO 

10,000 OO 

10,000 OO 

2,500 OO 

4,000 00 

2,500 00 
5,000 00 

24,064 00 

6,000 00 
5,000 00 
2,500 00 

,86o $446,807 31 



Schedule E — Stocks and Bonds owned by the Company. 

Cost Value. Par Value. Market Value' 

Bank Stocks — 

Connecticut River Banking Co $20,36500 $11,75000 $11,28000 

Metropolitan, New York 10 312 50 7,500 00 2,250 00 

Phoenix National, Hartford 124,285 50 91,800 00 128,520 00 

Mercantile National, Hartford 42,885 25 40,00000 42,00000 

City " " 60,900 75 56,000 00 36,400 00 

Hartford " " 107,720 25 75,000 00 123,750 00 

First " " 92,060 66 73,900 00 77,595 °° 

National Exchange, " 93>7 2 9 80 77,600 00 108,640 00 

American National, " 93,576 87 80,400 00 112,560 00 

Farmers & Mech. Nat., Hartford. . . 102,462 25 56,50000 59>3 2 5 °° 

SufHeld National, Suffield 15,100 00 13,300 00 14,630 00 

New Britain National, New Britain, 28,450 00 25,000 00 30,000 00 

Charter Oak " Hartford.... 97,57225 83,60000 117,04000 

/Etna, " " .... 79,969 46 70,000 00 80,500 00 

Hartford Trust Co., " .... 25,065 00 24,000 00 27,600 00 

United States, " .... 5,262 50 5,000 00 9,250 00 

Rockville National, Rockville 20,000 00 20,000 00 24,000 00 

Security Co., Hartford 10,000 00 10,000 00 12,000 00 

United States Bonds — 

United States funded loan, 4 p. c. . 567,925 00 540,000 00 608,850 00 

" " aYz p- c., 407,950 00 410,000 00 505,325 00 

Railroad Stocks — 

Connecticut River 39, 372 25 36,800 00 60,720 00 

New York, New Haven & Hartford, . 144,145 75 97,80000 190,71000 
Keokuk & Des Moines bonds, -1 

" " stock, pref. >- 22,033 2 ° 22,589 20 18,165 00 

" " " com. J 

Chicago, Burlington & Quincy 12,687 50 11,000 00 14,850 00 



10 



.ETNA LIFE INSURANCE COMPANY. 



Cost Value. 

New York Central & Hudson River, #25,000 00 

Union Pacific 18,625 00 

Railroad Bonds — 

Indianapolis & Cincinnati 47,380 00 

Columbus & Indianapolis 45,000 00 

Cincinnati & Indiana 20,675 °° 

Cleveland, Painsville & Ashtabula . . 13,671 25 

St. Johnsbury & Lake Champlain. . 105 000 00 

Union Pacific 30,690 00 

Cleveland & Pittsburgh 747 50 

Chicago, Milwaukee & St. Paul. . . . 25,000 00 

Vermont Valley 150,750 00 

Hartford & Connecticut Western . . . 300,000 00 

Terre Haute & Logansport 100,000 00 

State, County, Municipal, and School Bonds — 

South Carolina State 29,410 00 

Virginia " 23,357 94 

Tennessee " 31,301 00 

Mississippi " 10,000 00 

Richmond City 20,500 00 

Mobile " 140,500 00 

Hartford non-taxable " ...... 68,950 00 

" capitol " 87,740 00 

" funded " 187,620 00 

Louisville " 89,750 50 

Kansas " 90,500 00 

New Britain " 130,689 00 

Chicago water loan " 50,000 00 

Springfield " 82,405 00 

Elizabeth funded " 128,58000 

Peoria " 100,200 00 

Council Bluffs " 25,000 00 

Beardstown " 2,980 00 

New Boston " 9»75o 00 

Jersey City " 122,900 00 

Newark " 172,015 00 

Fort Wayne " 40,305 00 

Indianapolis " 487,570 00 

Quincy " 37,564 00 

Milwaukee water " 87,500 00 

Cincinnati " 100,000 00 

Hartford park " 1,000 00 

Marion " 2,642 50 

St. Paul " 5 2 >3S° °° 

Webster " 37,95° °° 

Girard " 5,000 00 

Lincoln " 29,500 00 

Olathe City " 12,000 00 

Creston " 10,000 00 



Par Value. Market Value. 

#20,000 OO $21,000 OO 

20,000 00 10,700 OO 



50,000 OO ' 

50,000 OO 

24,000 OO 

14,000 OO 

100,000 OO 

30,000 OO 

1,000 OO 

25,000 OO 

150,000 OO 

300,000 OO 

100,000 OO 

37,495 00 

38,000 OO 

34,000 OO 

10,000 OO 

25,000 OO 

140,500 OO 

69,000 OO 

88,000 OO 

197,000 OO 

100,000 OO 

100,000 OO 

130,000 OO 

50,000 OO 

86,000 OO 

144,000 OO 

106,000 OO 

25,000 OO 

5,000 OO 

13,000 OO 

130,000 OO 

174,000 OO 

51,000 OO 

500,000 OO 

50,000 OO 

90,000 OO 

100,000 OO 

1,000 OO 

2,500 OO 

60,000 OO 

37,950 OO 

5,000 OO 

29,500 OO 

12,000 OO 

ro,ooo 00 



52,500 OO 

52,500 OO 

25,200 OO 

15,400 OO 

110,000 OO 

33,480 OO 

1,000 OO 

28,750 OO 

165,000 OO 

300,000 OO 

107,000 OO 

41,244 50 

17,100 OO 

17,000 00 

10,000 OO 

26,250 OO 

91,325 OO 

82,800 OO 

105,600 OO 

220,640 OO 

115,000 OO 

115,000 OO 

149,500 OO 

55,000 OO 

86,000 OO 

57,600 OO 

110,240 OO 

25,000 OO 

5,000 OO 

13,000 OO 

137,800 OO 

200, ICO OO 

53>55o 00 

557,000 OO 

50,000 OO 

103,500 OO 

125,000 OO 

1,000 OO 

2,500 OO 

66,000 OO 

37,950 OO 

5,000 OO 

30,975 OO 

12,000 OO 

10,000 OO 



^ETNA LIFE INSURANCE COMPANY. 



11 



Emporia City 

Audubon " 

Viginia City " 

Russell " 

Warren County 

Blackford " 

Carroll " 

Hamilton " 

Monroe " 

Ford " 

Adams " 

Christian " 

Sangamon " 

Macoupin " 
Mason and Tazewell " 

Sangamon " 

Gallatin " 

Randolph " 

De Witt " 
Hudson (N. J.) 

Ramsey " 

Marion (la.) " 

Tazewell "• 

Edward " 

Johnson " 

Warren " 

Moultrie " 

Ellsworth " 

Lyon " 

Monroe " 

Ida " 

Macon " 

Harper " 
Clay 

Stafford " 

Washington " 

Reno " 

Paris Town 
Hartford 

Georgetown " 

Mt. Pulaski " 

Grant " 

Penn " 

Moline " 

Rock Island " 

Lennox " 

D anbury " 

Bushnell " 
Ricks 



Cost Value. 

$20,500 OO 

5,600 OO 

8,000 OO 

5,000 00 

930 OO 

14,000 OO 

31,000 00 

600 00 

35,000 OO 

104,000 OO 

37.937 5o 
30,250 00 
24,250 00 
77,800 00 
25,000 00 
46,000 OO 
10,400 OO 

10,000 OO 

30,850 OO 

49,843 75 
32,000 OO 
25,000 00 
50,000 OO 
20,000 OO 
85,000 OO 

7,600 OO 
60,000 OO 
26,000 OO 
35,000 OO 

7,000 OO 
43,000 OO 
15,000 OO 
11,500 OO 
30,000 OO 

5,000 OO 
34,000 OO 
20,500 OO 
21,000 OO 
14,710 OO 
21,000 OO 
26,000 OO 
30,000 OO 
12,525 OO 
14,750 OO 
19,125 00 

3,500 00 

2,050 OO 

40,800 OO 

2,980 OO 



Par Value. 
$20,500 OO 
5,600 OO 
8,000 OO 
5,000 OO 
1,000 OO 

14,000 OO 
31,000 OO 
600 OO 
40,000 OO 
104,000 OO 
50,000 OO 
31,000 OO 
25,000 OO 
77,800 OO 
25,000 OO 
50,000 OO 
13,000 OO 
10,000 OO 
30,000 OO 
50,000 OO 
32,000 OO 
25,000 OO 
50,000 OO 
20,000 OO 
85,000 OO 
7,600 OO 
60,000 OO 
26,000 OO 
35,000 OO 

7,000 OO 
43,000 OO 
15,000 OO 
11,500 OO 
30,000 OO 

5,000 OO 
34,000 OO 
20,500 OO 
21,000 OO 
15,000 OO 
21,000 OO 
26,000 OO 
30,000 OO 
13,000 OO 
20,000 OO 
25,000 OO 

3,500 OO 

3,000 00 
40,000 OO 

4,000 OO 



Market Value. 

$20,500 OO 

5,600 OO 

8,000 OO 

5,000 OO 

1,000 OO 

14,700 OO 

32,550 OO 

600 OO 

42,000 OO 

114,400 OO 

52,500 OO 

31,000 OO 

27,000 OO 

77,800 OO 

26,000 OO, 

52,500 OO 

13,000 OO 

10,000 OO 

31,500 OO 

54,000 OO 

35,200 OO 

25,000 OO 

52,500 OO 

22,000 OO 

89,250 OO 

7,600 OO 

60,000 OO 

27,300 OO 

35,000 OO 

7,000 OO 

43,000 OO 

15,450 OO 

12,075 °° 

30,000 OO 
5,000 OO 
35,700 OO 
21,525 OO 
22,050 OO 

15.75° °° 

22,050 OO 

27,300 OO 

31,500 OO 

13,000 OO 

20,000 OO 

25,000 OO 

3,500 OO 

3,000 OO 

42,000 OO 

4,000 OO 



12 



JETNA LIFE INSURANCE COMPANY. 



Mattoon Town 

Kirklin " 

Coaticook " 

Galva " 

Keithsburg " 

Ross " 

East Windsor " 

Stewart " 

Sprague " 
Province of Quebec " 

Bloomfield " 

Champaign " 

Worth " 

Sangamon " 

Shenandoah " 

Pleasant " 

Boone " 

Creek " 

Angus " 

Humeston " 

Great Bend " 

Harlan " 
Edgewood Village " 

Tuscola " 

Butler " 

Emmetsburg " 

Allerton " 

Lamard " 

Hubbard " 

Fond du Lac " 

Sabula " 

Lennox " 

Lewiston " 

Creek " 

Neodesha " 

Sullivan " 
Marcus School Dist. School 

Creston " 

Spring Creek " 

Paris Union " 

Cedar Rapids " 

Milton " 

Ida Grove " 

Glad Brook " 

Centreville " 

Hampton " 

Union " 

Defiance " 

Batavia " 



Cost Value. 

$20,250 OO 

3,000 OO 

21,000 OO 

14,700 OO 

23,000 OO 

32,832 OO 

9,700 OO 

3,000 OO 

40,133 33 
25,187 50 
40,824 OO 
55,000 OO 
2,000 OO 
15,000 OO 
14,000 OO 

35.35° °o 
13,000 OO 
26,000 OO 

5;000 OO 

3,500 OO 

6,000 OO 

6,600 OO 

6,000 OO 

10,000 OO 

23,000 OO 

4,000 OO 

5,500 OO 

10,000 OO 

3,000 OO 

73,000 OO 

10,000 OO 

8,400 OO 

45,000 OO 

24,000 OO 

14,500 OO 

600 00 

3,000 OO 

47,000 OO 

5,000 OO 

17,000 OO 

57,000 OO 

4,000 OO 

17,000 OO 

2,500 OO 

18,000 OO 

12,500 OO 

1,000 OO 

3.743 00 

10,000 OO 



Par Value. 

$27,000 OO 

3,000 OO 

21,000 OO 

15,000 OO 

23,000 OO 

32,832 OO 

10,000 OO 

3,000 OO 

40,000 OO 

25,000 OO 

40,000 OO 

55,000 OO 

2,000 OO 

15,000 OO 

14,000 OO 

35,000 OO 

13,000 OO 

26,000 OO 

5,000 OO 

3,500 OO 

6,000 OO 

6,600 OO 

6,000 OO 

10,000 OO 

23,000 OO 

4,000 OO 

5,500 OO 

10,000 OO 

3,000 OO 

73,000 OO 

10,000 OO 

10,000 OO 

45,000 OO 

24,000 OO 

14,500 OO 

600 OO 

3,000 OO 

47,000 OO 

5,000 OO 

17,000 OO 

57,000 OO 

4,000 OO 

17,000 OO 

2,500 OO 

18,000 OO 

12,500 OO 

1,000 OO 

3,800 OO 

10,000 OO 



Market Value. 

$27,000 OO 

3,000 OO 

21,420 OO 

15,000 OO 

23,000 00 

32,832 00 

10,000 OO 

3,000 OO 

42,000 OO 

26,250 OO 

40,000 OO 

57,750 00 

2,000 OO 

15,000 OO 

14,000 OO 

35,000 OO 

13,000 OO 

26,000 OO 

5,000 OO 

3.5oo OO 

6,000 OO 

6,600 OO 

6,000 OO 

10,000 OO 

23,000 OO 

4,000 OO 

5,500 OO 

10,000 OO 

3,000 OO 

76,650 OO 

10,000 OO 

10,000 OO 

47,250 OO 

24,720 OO 

14,500 OO 

600 OO 

3,000 OO 

49,350 OO 

5,000 OO 

17,000 OO 

57,000 OO 

4,000 00 

17,000 00 

2,500 00 

18,000 00 

12,500 00 

1,000 00 

3,800 00 

10,000 00 



.ETNA LIFE INSURANCE COMPANY. 



13 



Cost Value. Par Value. Market Value. 

Alta School #5,200 00 $5, 200 00 #5,200 00 

Tipton " 19,000 00 19,000 00 19,000 00 

Portland " 9,000 00 9,000 00 9,000 00 

Odebolt " 4,75o 00 4,75o 00 4,750 00 

Spencer " 4,000 00 4,000 00 4,000 00 

Enfield " 2,200 00 2,200 00 2,200 00 

South English " 3,000 00 3,000 00 3,000 00 

Camargo " 5,ooo 00 5,000 00 5,000 00 

Van Home " 2,500 00 2,500 00 2,500 00 

Garwin " 1,200 00 1,200 00 1,200 00 

Fort Dodge " 5,ooo 00 5,000 00 5,000 00 

Oxford Junction " 5, 000 00 5,000 00 5,000 00 

Snow Hill " 5,400 00 5,400 00 5,400 00 

Goldfield " 2,000 00 2,000 00 2,000 00 

Chariton " 8,000 00 8,000 00 8,000 00 

Sibley " 2,000 00 2,000 00 2,000 00 

Clearfield " 2,200 00 2,200 00 2,260 00 

School Dist, No. 37, " 9,000 00 9,000 00 9,000 00 

Dunlap " 9,000 00 9,000 00 9,000 00 

Imogene " 2,500 00 2,500 00 2,500 00 

Ellsworth " 1,85000 1,85000 1,85000 

School Dist., No. 10, " 2,000 00 2,000 00 2,000 00 

Marshalltown " 15,000 00 15,000 00 15,000 00 

Lineville " 4,000 00 4,000 00 4,000 00 

Vermillion " 20,000 00 20,000 00 20,000 00 

Panora " 8,500 00 8,500 00 8,500 00 

Saline County " 1,85965 1,85965 1,85965 

Miscellaneous — 

iEtna Fire Insurance Co. stock. . . 19,236 68 8,400 00 19,320 00 

Atlantic Dock bonds 25,000 00 25,000 00 26,250 00 

Newman & Fullerton 7,000 00 7,000 00 7,000 00 

Hartford City Salt Co. bonds 15,000 00 15,000 00 15,000 00 

Recapitulation. 

Cost Value. Market Value. 

Bank stocks , #1,029,718 04 $1,017,340 00 

United States Government bonds 975.875 00 1,114,175 00 

Railroad and other stocks and bonds 1,145,014 13 1,252,545 00 

State, City, County and Town bonds 4.820,510 17 5,161,956 15 

Totals $7,971,117 34 $8,546,016 15 



14 CHARTER OAK LIFE INSURANCE COMPANY. 



CHARTER OAK LIFE INSURANCE COMPANY, 

HARTFORD, CONN. 

Commenced Business, October, 1850. 
George M. Bartholomew, President. CHAS. E. WillARD, Secretary. 



I. CAPITAL. 

No Capital Stock. 

Amount of net or ledger assets December 31, 1884 $4,048,976 32 

II. INCOME DURING THE YEAR. 

Cash "received for premiums without 

deduction for commissions or other 

expenses $85,305 32 

Premium notes, loans, or liens taken 

in part payment for premiums ! 9*837 33 

Total $105,142 65 

Interest on mortgage loans, bonds and dividends on 

stocks ! 5>653 36 

Interest on premium notes, loans or liens 48,954 17 

Rents 78,870 10 

Furniture, etc 323 35 

Total income $248,943 63 

Total $4,297,919 95 

III. DISBURSEMENTS DURING THE YEAR. 

Cash paid for losses and additions . . . $223,033 09 
Premium notes, loans or liens used in 

payment of same 5I>7I2 49 

Cash paid for matured endowments 

and additions 67,361 09 

Premium notes, loans, or liens used 

in payment of same 26,855 33 

Total amount actually paid for losses and 

matured endowments $368,962 00 

Cash paid for surrendered policies 9>77* 2 9 

Premium notes, loans, or liens used in purchase of 

surrendered policies, and void by lapse 49,027 04 

Total paid policy-holders.... $427,760 33 
Commissions to agents 4)969 81 



CHARTER OAK LIFE INSURANCE COMPANY. 15 

Salaries and traveling expenses of managers of 

agencies, general, special, and local agents 4,085 75 

Medical examiners' fees 673 00 

Salaries and other compensation of officers and other 

office employes 27,578 50 

State and local taxes in State where organized, 
$10,246.79; taxes, licenses, fines and fees in 

other States, $11,264.34 21,511 13 

Advertising 120 25 

Expense on real estate 45,722 26 

Interest paid 37,7 J 7 °° 

Law expenses 23,463 78 

Reserve release expense 3,698 75 

Profit and loss 88,082 35 

General expense 1 ,143 59 

Exchange and postage 626 98 

Printing and stationery 459 27 

Ledger balances 185 72 

Total disbursements 687,798 47 

Balance $3,610,121 48 

IV. ASSETS. 

AS PER LEDGER ACCOUNTS. 

Real estate, less encumbrances, as per Schedule A. . $1,858,474 20 

Loans on bonds and mortgages (first liens) 286,319 81 

Loans secured by pledge of bonds, stocks, or other 

marketable collaterals, as per Schedule C 5>7 2 o 00 

Premium notes, loans, or liens on policies 1,106,586 04 

Cost value of bonds and stocks owned absolutely as 

per Schedule E 230,064 44 

Cash in company's office 84,804 14 

Cash deposited in bank 23,693 30 

Bills receivable 10,514 91 

Cash notes received for premiums L605 82 

Ledger balances 2,338 82 



Total net or ledger assets $3,610,121 48 

OTHER ASSETS. 

Interest due on bonds not included in market value 5,7^0 00 

Interest due and accrued on bond and mortgage loans 68,176 89 

Interest due and accrued on premium notes, loans, or liens 105,815 39 

Rents due and accrued on company's property or leases 12,152 53 

Gross premiums due and unreported on policies in 

force December 31, 1885 $7,314 09 

Gross deferred premiums on policies in force De- 
cember 31, 1885 12,836 64 

Total $20,150 73 

Deduct the loading on above gross amount. . 4,030 15 

Net amount of uncollected and deferred premiums 16,120 58 

Total assets $3,818,146 87 



16 CHARTER OAK LIFE INSURANCE COMPANY. 

ITEMS NOT ADMITTED. 

Ledger balances $2,338 82 

Bills receivable 10,514 91 $12,853 73 

Total assets (less items not admitted) $3,805,293 14 

V. LIABILITIES. 

Net present value of all the outstanding policies in force December 
31, 1885, computed according to the Actuaries' or Combined 
Experience Table of Mortality, with four per cent, compound 

interest $4,336,01 5 00 

Claims for death losses, and matured endowments 

in process of adjustment, or adjusted and not due, $59,838 22 
Claims for death losses, and other policy claims re- 
sisted by the Company 5)876 00 

Total policy claims 65,714 22 

Premiums paid in advance 3,300 90 

Amount due for taxes 41 ,763 00 

Interest due and accrued on mortgage loans 1 1,334 62 

Liabilities on policy-holders' account. $4,458,127 74 

Deficit on policy-holders' account 652,834 60 

Liabilities (less deficit) $3,805,293 14 

Statement based upon a reserve established by the Act of 18 J g. 

Assets $3,805,293 14 

Liabilities — Net value of all policies in force, com- 
puted according to the American Experience 
Table of Mortality, and four and one-half per 
cent, compound interest $4,040,228 00 

All other liabilities 122,106 74 4,162,334 74 

Deficit on policy-holders' account $357,041 60 

VI. PREMIUM NOTE ACCOUNT. 

Premium notes and loans on hand Dec. 31, 1884. . $1,156,680 01 

Received during the year. 19*837 33 

Total $1,176,517 34 

Deductions during the year. 
Notes and loans used in payment of losses and 

claims , $76,579 20 

Notes and loans used in purchase of surrendered 

policies, and void by lapse 48,55° 93 

Notes and loans redeemed by maker in cash 951 64 

Total reduction of premium note account 126,081 77 

Balance note assets at the end of the year $1,050,435 57 

Amount of liens on policies 56,150 47 

Premium note and lien assets at end of year $1,106,586 04 



CHARTER OAK LIFE INSURANCE COMPANY. 17 

VII. EXHIBIT OF POLICIES. 

Policies and additions in force at the end of the previous year. 

Number. Amount. 

Whole life policies • 7,715 $9,000,663 00 

Endowment policies 1,161 644,412 00 

All other policies 1,028 ^059 827 00 

New Policies issued during the year. 

Number. Amount. 

Whole life policies - 166 123,680 oc 

Endowment policies 7 3.895 OO' 

All other policies 7 1 1,700 00 

Old Policies revived during the year. 

Number. Amount. 

Whole life policies 10 1 1, 181 00 

Endowment policies 2 1,152 00 

Total number and amount 10,096 $10,856,510 00 

Deduct policies ceased to be in force 818 1,185,579 °° 

Total policies in force at the end of the year. . . . 9,278 $9,670,931 00 

Policies ceased to be in force dtiring the year. 

Number. Amount. 

By death 190 300,098 00 

By maturity (end) "..... 146 91,360 00 

By surrender 32 56,475 '00 

By lapse • 449 737,120 00 

By not taken 1 526 00 

Total terminated 818 $1,185,579 oa 

VIII. BUSINESS IN CONNECTICUT DURING 1885. 

Number. Amount. 
Number and amount of policies in force in Connecticut, 

December 31, 1884 837 $949,279 00 

Number and amount of policies issued during the year. ... 19 14,475 00 

Totals 856 $963,754 00 

Deduct number and amount ceased to be in force. . 101 99,846 00 

Total number and amount in force Dec. 31, 1885, 755 $863,908 00 

Number. Amount. 
Number and amount of losses and claims on policies unpaid 

December 31, 1884 None. 

Number and amount of losses and claims on policies in- 
curred during the year ' 40 34,038 00 

Number and amount of losses and claims on policies paid 

during the year 35 27,674 00 

Premiums collected 9,565 17 



18 



CHARTER OAK LIFE INSURANCE COMPANY. 



In Missouri 

Illinois 

Connecticut . . . 

Ohio 

Wisconsin .... 

Iowa 

Indiana 

Virginia 

West Virginia. 
JSTew York City 



Schedule A — Real Estate owned by the Company. 
$161,431 42 



91.293 77 

792,111 98 

40,000 00 

20,517 77 

115,072 67 

2i,793 45 

274,528 14 

35.175 00 

815,000 00 



Total $2,366,924 20 

.Less encumbrances 508,450 00 



Total 



51,858,474 20 



Schedule C— Loans on Collateral. 



Sundry bonds and mortgages . 



Par Value. 
£39,104 89 



Market Value. 
$5,720 OO 



Amt. Loaned. 
$19,120 12 



Schedule E — Stocks and Bonds otvned by 
Cost Value. 

United States Bonds — 

United States called $29,073 75 

United States 4 p. c. reg "• 3,394 50 

United States 4 p. c. coup 61 19 

Municipal Bonds — 

City of' Quincy 10,000 00 

Railroad Bonds — 

Connecticut Western 5.73° °° 

Miscellaneous — 

Quinnemont Coal & Iron Co. bds., 98,000 00 

Quinnemont Coal & Iron Co. stock, 50,000 00 

Central Iron Co. bonds ......... 34,000 00 

Pratt, Reed & Co. stock 5,000 00 

Totals $235,259 44 



the Co?npany. 

Par Value. Market Value. 



528,000 OO 

2,950 OO 

50 OO 

10,000 OO 

10,500 OO 

98,000 OO 
50,000 OO 
34,000 00 
10,000 OO 



$28,000 OO 

3.643 25 

61 19 

8,000 00 

3,360 OO 

98,000 OO 

50,000 OO 

34,000 OO 

5,000 00 



500 00 $230,064 44 



CONNECTICUT GENERAL LIFE INSURANCE COMPANY. 19 

CONNECTICUT GENERAL LIFE INSURANCE COMPANY, 

HARTFORD, CONN. 

Commenced Business, October, 1865. 
Thomas W. Russell, President. Frederick V. Hudson, Secretary. 



I. CAPITAL. 

Capital stock paid up in cash $150,000 00 

Amount of net or ledger assets December 31, 1884 $1,421,915 03 

II. INCOME DURING THE YEAR. 
Cash received for premiums without 

deductions for commissions or other 

expenses $I5 I >33 1 5° 

Premium notes, loans, or liens taken in 

part payment for premiums 8,208 04 

Premiums paid by dividends 4>3°3 66 

Premiums paid by surrendered policies, 7,982 07 

Premiums on new business, $30,590. 88; 

on old, $141,234.39. 

Total $171,82527 

Deduct amount paid to other com- 
panies for reinsurance on policies in 
this company 2,565 95 

Total premium income $169,259 32 

Interest on mortgage loans 57)883 72 

Interest on bonds owned, and dividends on stock. . 12,815 47 

Interest on premium notes, loans, or liens 4,789 97 

Interest on other debts due the company a 

Discount on claims paid in advance V 6,274 57 

Rent for use of company's property J 

Total income $251,023 05 

Total $1,672,938 08 



III. DISBURSEMENTS DURING THE YEAR. 

Cash paid for losses , . $65,086 41 

Cash paid for matured endowments. . 39,853 98 

Total $104,940 39 

Deduct amount received from other 
companies for losses or claims on 
policies of this company reinsured, 4,661 00 

Total amount actually paid for losses 

and matured endowments $100,279 39 



20 CONNECTICUT GENERAL LIFE INSURANCE COMPANY. 

Cash paid for surrendered policies $9,982 52 

Premium notes, loans, or liens voided by lapse. . . . I >oS5 97 
Cash surrender values applied in payment of pre- 
miums 7,982 07 

Cash dividends paid to policy-holders, $2,616.33; 

applied in payment of premiums, $2,685.10 5, 301 43 

Premium notes, loans, or liens used in payment of 

dividends to policy-holders 1,618 56 

Total paid policy-holders.... $126,219 94 

Dividends to stockholders 12,000 00 

Commissions to agents 8,739 63 

Salaries and traveling expenses of managers of 

agencies, and agents 17,422 15 

Medical examiners' fees 1,448 22 

Salaries and other compensation of officers and other 

office employes 14,300 8^ 

Taxes, licenses, fines, and fees. 4,582 74 

Law expenses 2,258 00 

Printing, advertising, and all other expenses 6,337 35 

Profit and loss 1,362 50 

Total disbursements $194,671 36 

Balance. $1,478,266 72 

IV. ASSETS. 

AS PER LEDGER ACCOUNTS. 

Real estate unencumbered, as per Schedule A $238,583 11 

Loans on bond and mortgage (first liens) 879,833 24 

Loans secured by pledge of bonds, stock, or other 

marketable collaterals, as per Schedule C I ,95Q 00 

Premium notes, loans, or liens on policies in force. . 87,387 92 
Cash loans to policy-holders on this Company's poli- 
cies assigned as collateral 3,255 00 

Cost value of bonds and stocks owned absolutely, as 

per Schedule E 222,601 16 

Cash in Company's office I °>977 62 

Cash deposited in banks 32,827 21 

Agents' ledger balances 85 1 46 

Total net or ledger assets $1,478,266 72 

Deduct depreciation from cost of real estate 25,467 23 

Total net or ledger assets, less depreciation $1,452,799 49 

OTHER ASSETS. 

Interest due and accrued on bond and mortgage loans r 9,746 71 

Interest accrued on collateral loans 127 10 

Interest due on stocks and bonds 3,225 00 

Interest accrued on premium notes, loans, or liens 7,47o 97 

Market value of bonds and stocks over cost, as per Schedule E. . . . 16,053 84 



CONNECTICUT GENERAL LIFE INSURANCE COMPANY. 21 

Gross premiums due and unreported on policies in 

force December 31, 1885 $12,52057 

Gross deferred premiums on policies in force De- 
cember 31, 1885 20,634 31 

Total #33J54 88 

Deduct the loading on above gross amount 6,630 97 

Net amount of uncollected and deferred premiums 26,523 91 

Total assets $1,525,947 02 



ITEM NOT ADMITTED. 
Agents' balances 851 46 



Total assets (less item not admitted) $1,525,095 56 



V. LIABILITIES. 

Net present value of all the outstanding policies in 

force, December 31, 1885, computed according to 

the Actuaries' or combined experience Table of 

Mortality, with four per cent, compound interest, $1,147,177 00 
Deduct net value of risks of this company reinsured 

in other solvent companies 13,291 00 

Net reinsurance reserve $1,133,886 00 

Claims for matured endowments due but uncalled 

for $8,773 95 

Claims for death losses in process of adjustment, or 

adjusted and not due 22,942 00 



Total policy claims ■ 31,715 95 

Premiums paid in advance 477 31 

Dividends due policy-holders 303 04 

Liabilities on policy-holders' account $1,166,382 30 

Surplus, including capital, on policy-holders' account...... 358,713 26 

Total liabilities $1,525,095 56 



Statement based upon a reserve established by the Act of 1879. 

Assets $i,5 2 5>°95 5 6 

Liabilities — Net value of all policies in force, com- 
puted according to the American Experience 
Table of Mortality, and four and one-half per 
cent, compound interest $1,062,469 00 

Less net value of reinsurance 12,435 00 

$1,050,034 00 
All other liabilities 32,496 30 1,082,530 30 



Surplus, including capital, on policy-holder's account $442,565 26 



22 



CONNECTICUT GENERAL LIFE INSURANCE COMPANY. 



VI. PREMIUM NOTE ACCOUNT. 
Premium notes, loans, or liens on hand December 

31, 1884 «. $91,229 85 

Received during the year 8,208 04 

Total 777777777777*77 $99,437 89 

Deductions during the year. 
Notes, loans, or liens void by lapse of policies. ... $1,055 97 

Notes, loans or liens used in payment of dividends 

to policy-holders 1,618 56 

Notes, loans, or liens redeemed by maker in cash. . 9,375 44 

Total reduction of premium note account 12,049 97 

Balance note assets at end of year $87,387 92 

VII. EXHIBIT OF POLICIES. 

Policies in force at end of previous year. 

Number. Amount. 

Whole life policies 3,475 $5,269,865 32 

Endowment policies 843 946,962 92 

All other policies 51 122,336 00 

New policies issued during the year. 

Number. Amount. 

Whole life policies 294 460,768 00 

Endowment policies 369 478,668 00 

All other policies 12 41,530 00 

Old policies revived during the year. 

Number. Amount. 

Whole life policies 11 28,41 1 68 

Endowment policies 1 1,000 00 

All other policies 1 1 ,000 00 

Old policies changed and increased during the year. 

Number. Amount. 

Whole life policies 2 3,000 00 

Endowment policies 3 5,000 00 

Total number and amount. 5,062 $7,358,541 92 

Deduct policies ceased to be in force 608 902,076 68 

Total policies in force at end of the year 4,454 $6,456,465 24 

Policies ceased to be in force during the year. 

Number. Amount. 

By death 43 $85,083 68 

By maturity (end) 39 32,590 00 

By maturity (savings end) 34 77, 500 00 

By surrender 35 59,258 00 

By lapse 287 402,333 00 

By change and decrease 5 25,312 00 

By not taken 165 220,000 00 

Total terminated 608 $902,076 68 



CONNECTICUT GENERAL LIFE INSURANCE COMPANY. 



23 



BUSINESS IN CONNECTICUT DURING 1885. 

- Number. Amount. 
Number and amount of policies in force in Connecticut 

December 31, 1884 904 $1,386,656 00 

Number and amount of policies issued during the year. ... 174 230,963 00 

Totals , 1,078 $1,617,619 00 

Deduct number and amount ceased to be in force. . 135 203,175 00 

Total number and amount in force Dec. 31, 1885, 943 $1,414,444 00 



15.683 25 
$16,075 25 



Amount. 

#13,859 53 
37,993 75 



Number. Amount. 

Number and amount of losses and claims on policies unpaid 

December 31, 1884 2 $392 

Number and amount of losses and claims on policies in- 
curred during the year 25 

Totals 27 

Number. 
Number and amount of losses and claims on policies paid 

during the year 21 

Premiums collected 

Schedule A — Real Estate owned by the Company. 

In Washington, D. C $165,742 71 

Illinois 19,190 09 

Ohio 37,351 82 

Michigan 6,815 60 

Indiana 2,170 10 

Massachusetts 2,525 00 

Iowa 4,341 36 

Minnesota 446 43 

Total cost $238,583 1 1 

Deduct depreciation 25,467 23 

Valuation $213,115 88 

Schedule C — Loans on Collateral. 

Par Value. Market Value. 

Hartford Carpet Co. stock 1,200 2,400 

Orient Fire Ins. Co. stock 100 85 

Mortgage on 160 acres of land in Lyon Co., 

Minn., assigned to the Co 3,000 3,000 

Totals $4,300 $5,485 $1,95000 



Amt. Loaned. 

1,200 OO 

50 OO 

700 OO 



24 



CONNECTICUT GENERAL LIFE INSURANCE COMPANY. 



Schedule E — Stocks and Bonds owned 
Cost Value. 



Municipal Bonds — 

Washington Ind., City 

Evansville, " " 

Indianapolis " " 

Quincy, 111., " 

Clay Township, Ind 

Angus, Iowa, Town 

Woodburn, Iowa, School Dist. . . 

Exira " " .... 

Lyon Co., " " ... 

Railroad Bonds — 

Indianapolis & Cincinnati 

Lake Shore & Mich. Southern . . . 

St. Johnsbury & Lake Champlain, 

Terre Haute & Logansport 

Railroad Stock— 

N. Y., N.H.&H 

Bank Stocks — 

Fourth National, New York 

American National, Hartford .... 

Phoenix 

Charter Oak 

Hartford 

First 

iEtna 

Farm. & Mech. Nat. " 

City National " .... 

Conn. Tr. & Safe Dep. Co., Hfd., 

Security Co., Hartford 

Thames Nat. of Norwich, Conn., 



$9,775 oo 

14,425 00 

24,500 00 

11,515 00 

5,050 00 

2,000 00 

2,500 00 

2,600 00 

5,000 00 

9,610 00 

5.089 38 
10,500 00 
10,000 00 

i6,793 03 

4,193 00 

13,538 00 

iS>853 00 

6,700 00 

10,625 °° 

13.978 25 

2,268 50 

3,270 00 

2,790 00 

8,428 00 

4,750 00 

6,850 00 



by the Company. 
Par Value. 

$10,000 OO 

15,000 OO 

25,000 OO 

15,000 OO 

5,600 OO 

2,000 OO 

2,500 OO 

2,600 OO 

5,000 OO 

10,500 OO 

5,500 OO 

10,000 OO 

10,000 OO 

12,500 OO 

4,000 OO 

10,800 OO 

10,400 OO 

5,200 OO 

7,000 OO 

10,000 OO 

1,900 OO 

1,700 OO 

3,000 OO 

8,600 OO 

5,000 OO 

5,000 OO 



Market Value. 

$10,500 OO 

15,000 OO 

26,250 OO 

15,000 OO 

5,050 OO 

2,000 OO 

2,500 OO 

2,600 OO 

5,000 OO 

11,025 °° 

6,765 OO 

10,500 OO 

10,000 OO 

25,000 OO 

4,880 OO 

14,688 OO 

13,520 OO 

7,020 OO 

11,200 OO 

10,000 OO 

2,185 °° 

1,734 00 

1,830 OO 

1 1,008 OO 

6,400 OO 

7,000 OO 



Totals $222,601 16 $203,200 00 $238,655 00 



CONNECTICUT MUTUAL LIFE INSURANCE COMPANY. 25 



CONNECTICUT MUTUAL LIFE INSURANCE COMPANY. 

HARTFORD, CONN. 

Commenced Business, December 15, 1846. 
Jacob L. Greene, President. William G. Abbott, Secretary. 



I. CAPITAL. 
No capital stock. 
Amount of net or ledger assets December 31, 1884 $52,217,750 49 

II. INCOME DURING THE YEAR. 

Cash received for premiums without 

deduction for commissions or other 

expenses $2,931,014 42 

Premiums paid by dividends, $1,101,- 

560.23; by surrendered policies, 

$509,690.09 1,611,250 32 

Premiums on new business, $645,- 

459.13; on old, $3,896,805.61. 

Total $4,542,264 74 

Interest on mortgage loans 1,650,605 48 

Interest on bonds owned, and dividends on stock. . 583,323 87 

Interest on premium notes, loans, or liens 149,956 14 

Interest on deposits 21,3 19 92 

Discount on claims paid in advance 23,506 13 

Rents for use of Company's property 520,525 89 

Balance of profit and loss account 159,71 1 00 

Total income $7,651,213 17 

Total $59,868,963 66 

III. DISBURSEMENTS DURING THE YEAR. 

Cash paid for losses $3,108,039 34 

Premium notes, loans, or liens used in 

payment of same 57*564 36 

Cash paid for matured endowments. . 782,250 01 
Premium notes, loans, or liens used in 

payment of same 11,962 99 

Total amount actually paid for losses and 

matured endowments $3,959>Si6 70 



26 CONNECTICUT MUTUAL LIFE INSURANCE COMPANY. 

Cash paid for surrendered policies 96,430 44 

Premium notes, loans, or liens used in purchase of 
surrendered policies, and voided by lapse, $75,- 
127.39 (less notes on policies revived, $18,637). • 56,490 39 

Cash surrender values applied in payment of pre- 
miums 509,690 09 

Cash dividends paid to policy-holders, $48,949.10; 

same applied in paym't of prems., $1,101,560.23, 1,150,509 33 

Premium notes, loans, or liens used in payment of 

dividends to policy-holders 51)647 23 

Total paid policy-holders $5,824,584.18 

Commissions to agents 269,671 90 

Traveling expenses of managers of agencies, general, 

special, and local agents 12,010 66 

Medical examiners' fees 17)223 70 

Salaries and other compensation of officers and other 

office employes 103,416 40 

State and local taxes in State where organized, 
$136,640.65; taxes, licenses, fines, and fees in 
other States, 205,670.39 342,311 04 

Rent 3,998 33 

Advertising 82,769 18 

Paid for the following items : Law expenses, 
$13,902.06; printing and supplies, $22,027.10; 
postage, $9,011.68; expressage, $3,072.94; tele- 
graphing, $526.33; expense of real estate owned 
by Company, $214,897.20; miscellaneous ex- 
penses, $7,088.86 270,526 17 

Total disbursements $6,926,5 II 56 

Balance $52,942,452 10 



IV. ASSETS. 

AS PER LEDGER ACCOUNTS. 

Real estate unencumbered, as per Schedule A $10,966,500 88 

Loans on bond and mortgage (first liens) 27,088,121 62 

Loans secured by pledge of bonds, stocks, or other 

marketable collaterals, as per Schedule C 149,933 °° 

Premium notes, loans, or liens on policies in force . . 2,430,563 01 
Cost value of bonds and stocks owned absolutely, as 

per Schedule D 9,452,91 1 25 

Cash in Company's office 72,910 1 1 

Cash deposited in banks 2,771,937 44 

Agents' ledger balances 9.574 79 

Total net or ledger assets $52,942,452 10 



CONNECTICUT MUTUAL LIFE INSURANCE COMPANY. 27 

OTHER ASSETS. 

Interest due and accrued on bond and mortgage loans $662,000 65 

Interest due and accrued on bonds and stocks 82,539 31 

Interest due and accrued on collateral loans 3*369 29 

Interest due and accrued on premium notes, loans, or liens 226,389 02 

Rents accrued on Company's property, or lease i 9j455 64 

Market value of bonds and stocks over cost, as per Schedule D . . . . 380,890 84 
Gross deferred premiums on policies in force De- 
cember 31, 1885 $88,737 47 

Deduct the loading on above gross amount 22,184 37 

Net amount of uncollected and deferred premiums 66,553 IO 

Total assets. . , $54,383,649 95 



ITEM NOT ADMITTED. 
Agents' ledger balances 9j574 79 



Total assets (less item not admitted) $54,374,°75 l6 

V. LIABILITIES. 

Net present value of all the outstanding policies in force on the 31st 
day of December, 1885, computed according to the Actuaries' or 
Combined Experience Table of Mortality, with four per cent, 
interest $48,960,749 00 

Claims for death losses and matured endowments 

due and unpaid $15,181 25 

Claims for death losses and endowments not due. . . 184,148 00 

Claims for death losses and other policy claims 

resisted 12,000 00 

Total policy claims 211,329 25 

Unpaid dividends of surplus, or other profits due policy-holders. . .. 126,800 99 

Premiums paid in advance, and surrender values applicable in pay- 
ment of premiums 109,767 80 

Reserve on lapsed policies 306,278 00 

Total liabilities on policy-holders' account $49,714,925 04 

Surplus on policy-holders' account. . 4,659,150 12 

Total liabilities $54)374,075 J 6 

Stateme?it based upon a Reserve established by the Act of iSjg. 

Assets $54,374,075 l6 

Liabilities — Net value of all policies in force, com- 
puted according to the American Experience 
Table of Mortality, and four and one-half per 
cent, compound interest $45,872,336 00 

All other liabilities 754,176 04 46,626,5 12 04 

Surplus on policy-holders' account $7,747,563 12 



28 CONNECTICUT MUTUAL LIFE INSURANCE COMPANY. 

VI. PREMIUM NOTE ACCOUNT. 

Premium notes, loans, or liens on hand December 

3«» 1884 #2,624,723 57 

On policies revived 18,637 00 

Total #2,643,360 57 

Deductions during the year. 
Notes, loans, or liens used in payment of losses and 

claims #69,527 35 

Notes, loans, or liens used in purchase of surrendered 

policies, and voided by lapse 75,127 39 

Notes, loans, or liens used in payment of dividends 

to policy-holders 5I>647 23 

Notes, loans or liens redeemed by makers in cash. . 16,495 59 

Total reduction of premium note account 212,797 56 

Balance note assets at the end of the year #2,430,563 01 



VII. EXHIBIT OF POLICIES. 

Policies and Additions in force at the end of the previous year. 

Number. Amount. 

Whole life policies 57>°55 #140,739,228 

Endowment policies 5,875 11,481,957 

All other policies. 4 9>5QO 

A T ew Policies issued during the year. 

Number. Amount. 

Whole life policies 3,in 7)364,122 

Endowment policies 266 471,825 

All other policies 6 10,000 

Old Policies revived during the year. 

Number. Amount. ' 

Whole life policies 340 1,088,643 

Endowment policies 28 67,800 

Old Policies transferred. 

Name. Amount. 

Whole life policy 1 5 ,000 

Total number and amount 66,686 #161,238,075 

Deduct policies ceased to be in force 3)^91 9^36,487 

Total policies in force at end of the year 62,995 # I 5 I >3 OI >588 



CONNECTICUT MUTUAL LIFE INSURANCE COMPANY. 29 

Policies ceased to be in force during the year. 

Number. Amount. 

By death 1,1 19 $3,079,747 

By maturity 433 788,735 

By expiry 10 19,500 

By surrender 974 2,938,054 

By lapse 861 2,259,901 

By change and old policies decreased .... 190,550 

By transfer 1 5, 600 

By not taken 293 655,000 



Total terminated 3,691 $9,936,487 

V 

VIII. BUSINESS IN CONNECTICUT DURING 1885. 

Number. Amount. 

Number and amount of policies in force in Connecticut 

December 31, 1884 5,493 $ XI , 267, 778 00 

Number and amount of policies issued during the year. . . . 409 660,309 00 

Totals 5,902 $l 1,928,087 00 

Deduct number and amount ceased to be in force . . 250 431,844 00 



Total number and amt. in force Dec. 31, 1885, 5,652 $11,496,243 00 

Amount of losses and claims on policies incurred during the year. . . 127,481 00 

Amount of losses and claims on policies paid during the year 128,547 00 

Amount of premiums collected during the year 302,453 45 

Received in cash, $215,096.16; surplus credited, $87,357.29. 

Schedule A — Real Estate owned by the Company. 

In Chicago $3,372,564 25 

St. Louis 3,209,843 25 

Indianapolis 1,983,367 59 

Indiana farm 6,604 47 

Detroit 284,282 14 

Toledo 888,225 21 

Hartford 1,190,828 69 

Sundry places 30,785 28 

Total $10,966,500 88 

Schedule C — -Loans on Collateral. 

Hartford City bond 

/Etna Fire Insurance stock 

New York,New Haven & Hartford R.Rstk., 
Merchants Nat. Bank of Toledo, O., stock, 

Phoenix Insurance Co. stock 

^Etna Insurance Co. stock 



Par Value. 


Market Value. 


Amt. Loaned. 


$1,000 


$I,2IO 


$1,000 OO 


10,000 


24,000 


10,000 OO 


1,400 


2,828 


1,500 OO 


10,000 


10,500 


3,000 OO 


I2,60O 
2,700 


21,672 \ 
6,480 J 


20,000 OO 



30 



CONNECTICUT MUTUAL LIFE INSURANCE COMPANY. 



Par Value. Mar. Value. Amt. Loaned. 

Terre Haute & Logansport R. R. bonds. . . 10,000 10,000 1 

6 v r 25,000 00 

Chicago & Western Indiana R. R. bonds. . 20,000 22,600 J 

Indianapolis National Bank stock 80,000 80,000 40,000 00 

" " " 1,000 1,000 75000 

" " 34,ooo 34,ooo 25,433 00 

" " " 10,000 10,000 7,500 00 

" " . " 5,ooo 5,000 3,75° 00 

" " " 5,000 5,000 3,75000 

" " " 1,000 1,000 75000 

" " " 10,000 10,000 7,500 00 

Totals $213,700 $245,290 $149,93300 



Schedule D — Stocks and Bonds owned by the Company. 

Par Value. Cost Value. Market Value. 



United States Bonds — 

United States currency $100,000 00 

State Bonds — 

Tennessee '. . . . 19,200 00 

Municipal Bonds — 

Evansville, Ind., water 300,000 00 

" " 13,000 00 

Jackson, Mich., water 1 10,000 00 

Fort Wayne, Ind 100,000 00 

Louisville, Ky., sewer 200,000 00 

" i34,5oo 00 

Mobile, Ala 87,500 00 

Kansas, Mo 50,000 00 

Milwaukee, Wis 122,000 00 

" " water 440,000 00 

Quincy, 111 250,000 00 

Galveston, Texas 100,000 00 

Austin, " 40,000 00 

Denver, Col 300,000 00 

Railroad Bonds — 

Atchison, Topeka & Santa Fe 150,000 00 

Baltimore & Ohio, Park, br 250,000 00 

Chicago, Burlington & Quincy .... 50,000 00 

" " " 110,000 00 

Chicago, Milwaukee & St. Paul .... 200,000 00 

" " " 73,ooo 00 

" " " 139,000 00 

Chicago & Northwestern 74,000 00 

" " 90,000 00 

" " 50,000 00 

Chicago, St. Louis & New Orleans, 750,000 00 

Chicago & Western Indiana 685,000 00 

" " " 176,000 00 

Cleve., Col., Cin. & Indianapolis. . . 50,000 00 



j,i25 00 $132,875 00 



19,200 00 

255,000 00 

11,050 00 

99,000 00 

75,000 00 

182,500 00 

125,339 06 

87,500 00 

47,500 00 

122,000 00 

418,000 00 

187,500 00 

100,000 00 

39,000 00 

301,500 00 

180,922 31 
269,375 00 

62,829 x 7 
124,233 05 
246,150 35 

90,330 76 
172,405 88 

96,669 68 
111,389 79 

62,096 15 
776,562 50 
729,906 25 
184,800 00 

62,950 83 



12,288 00 

255,000 00 

11,050 00 

99,000 00 

75,000 00 

240,000 00 

125,085 00 

49,875 00 

47,500 00 

136,640 00 

501,600 00 

187,500 00 

85,000 00 

39,000 00 

301,500 00 

187,500 00 
296,250 00 

67,000 00 
130,625 00 
254,000 00 

94,170 00 
179,310 00 
101,996 67 

H5,575 00 
62,916 67 
832,708 33 
732,950 00 
189,200 00 
60,208 33 



CONNECTICUT MUTUAL LIFE INSURANCE COMPANY. 



31 



Cincinnati, Hamilton & Dayton .... 

It tt (C 

Cleveland & Pittsburgh 

Cin., Indianapolis, St. Louis & Chic, 

Dayton & Western 

Dayton & Michigan 

Delaware, Lackawanna & Western, 

Detroit, Lansing & Northern 

Harlem River & Portchester 



Illinois Central 

Lake Shore & Michigan Southern. 



Lehigh Valley . . . 
Michigan Central 



New York, Lake Erie & Western . 

Northern Pacific , 

Pittsburg, Cincinnati & St. Louis . . 

Philadelphia & Reading 

Vermont Valley 

Wabash, St. Louis & Pacific 



Railroad Stocks — 

New York, New Haven & Hartford, 

Connecticut River . . . , 

Bank Stocks — 

First National, Hartford 

City " 

JEtaa " 

Phcenix " 

Charter Oak Nat., 

State, 

Conn. Tr. & Safe Dep. Co., Hartford, 

First National, Litchfield, Conn .... 

Fourth National, New York City . . 
Miscellaneous — 

Province of Quebec currency bonds, 

St. Louis Chamber of Commerce bds., 

Atlantic Dock Co. bonds 



Par Value. 

$47,000 OO 

38,000 OO 

2,000 OO 

42,000 OO 

30,000 OO 

105,000 OO 

1,000 OO 

100,000 OO 

500,000 OO 

151,000 OO 

200,000 OO 

150,000 OO 

20,000 OO 

47,000 OO 

48,000 OO 

239,000 OO 

200,000 OO 

155,000 OO 

500,000 OO 

50,000 OO 

100,000 OO 

300,000 OO 

45,000 OO 

46,000 OO 

50,000 OO 

21,000 OO 
5,000 00 

13,000 OO 

10,000 OO 

2,500 OO 

17,600 00 

I. OOO OO 

1,000 00 
30,000 00 

17,500 00 

16,000 00 



Cost Value. 

#57,525 87 

41,680 85 

2,237 67 

47,901 25 

32,765 00 

105,000 00 

1,267 81 

121,752 50 

500,000 00 
151,006 00 
209,000 00 

185,294 67 
24,629 58 
56,485 17 
59,542 63 

244,078 75 
200,000 00 

198,574 42 
507,500 00 

60,629 94 

124,740 38 
301,500 00 

49,56i 59 
49,97i 77 

54,205 87 

21,000 00 
5,000 00 

13,000 00 

10,725 00 

2,500 00 

26,081 00 

1,055 °° 

1,275 °° 

30,000 00 

22,125 00 

16,000 00 



15,000 00 15,468 75 
481,000 00 481,000 00 
.81,000 00 81,000 00 



Market Value. 

$56,047 50 

41,990 OO 

2,220 OO 

46,235 OO 

32,400 OO 

110,250 OO 

1,346 67 

120,000 OO 

500,000 OO 

151,000 OO 

215,833 33 

179,125 00 

24,216 67 

60,865 00 

59,920 00 

256,128 33 

215,166 67 

196,333 33 
555,250 00 
60,041 67 
120,416 67 
329,250 00 

45,937 50 
46,498 33 
46,541 67 

42,420 00 
8,250 00 

13,000 00 

6,300 00 

2,750 00 

24,112 00 

1,370 00 

990 00 

39,000 00 

22,125 °° 

19,680 00 

15,468 75 

481,000 00 

81,000 00 



Totals $9,090,800 00 $9,452,91 1 25 $9,833,802 09 



32 CONTINENTAL LIFE INSURANCE COMPANY. 



CONTINENTAL LIFE INSURANCE COMPANY, 

HARTFORD, CONN. 

Commenced Business, July, 1864. 
James S. Parsons, President. Robert E. Beecher, Secretary. 



I. CAPITAL. 

Capital stock paid up in cash $300,000 00 

Amount of net or ledger assets December 31, 1884 $2,009,731 94 

II. INCOME DURING THE YEAR. 

Cash received for premium s without 

deduction for commissions or other 

expenses $173.97° 53 

Premium notes, loans, or liens taken 

in part payment for premiums 9>44i 47 

Premiums paid by surrendered policies 9-555 00 



Total $192,967 00 

Deduct amount paid to other com- 
panies for reinsurance on policies in 
this company 927 04 

Total premium income $192,039 96 

Interest on mortgage loans 25,507 5 1 

Interest on bonds owned, and dividends on stock.. 14,110 69 

Interest on premium notes, loans, or liens 18,388 66 

Interest on other debts due the Company 40,144 89 

Rents for use of company's property x >77 2 89 

Total income $29 1,964 60 

Total $2,301,696 54 

III. DISBURSEMENTS DURING THE YEAR. 

Cash paid for losses and additions ... . $68,458 69 
Premium notes, loans, or liens used in 

payment of same , 8,166 98 

Cash paid for matured endowments 

and additions 70,913 75 

Premium notes, loans, or liens used in 

payment of same 25,652 46 

Total amount actually paid for losses and 

matured endowments $173,191 88 



CONTINENTAL LIFE INSURANCE COMPANY. 33 

Cash paid to annuitants 80 00 

Cash paid for surrendered policies 23,910 70 

Premium notes, loans, or liens used in purchase of 

surrendered policies, and voided by lapse 5,655 61 

Cash surrender values, including reconverted addi- 
tions, applied in payment of premiums 9,555 00 

Cash dividends paid to policy-holders l2 >937 2 & 

Premium notes, loans, or liens used in payment of 

dividends to policy-holders 759 74 

Total paid policy-holders $226,090 19 

Commissions to agents 1 1,086 48 

Salaries, and traveling expenses of managers of 

agencies, general, special, and local agents 35,61 1 36 

Medical examiners' fees. 5,195 00 

Salaries and other compensation of officers and 

other office employes. . . ^ 20,299 84 

Taxes, licenses, fines, and fees 6,283 78 

Rent. . .' 3,321 71 

Furniture and fixtures, and safes for home and agency 

offices, and expenses at agencies 1,040 81 

Advertising , 1,466 10 

Postage, $1,914.20; stationery and printing, 
$1,810.63; charges, $813.05; law expenses, 
$3,070.51 ; profit and loss, $9, 728.74 I2 >799 25 

Total disbursements , 327,732 40 

Balance '. $1,973,964 14 

IV. ASSETS. 

AS PER LEDGER ACCOUNTS. 

Real estate unencumbered as per Schedule A $245,288 27 

Loans on bond and mortgage (first liens) 282,076 15 

Loans secured by pledge of bonds, stocks, or other 

marketable collaterals as per Schedule C 145,276 82 

Premium- notes, loans, or liens on policies in force. . 450>935 76 
Cost value of bonds and stocks owned absolutely, 

as per Schedule E 629,37 1 86 

Cash in Company's office 12,780 52 

Cash deposited in banks and in the hands of financial 

agents 8,998 28 

Bills receivable 189,198 13 

Agents' ledger balances 1,163 00 

Office furniture, fixtures, and safes 8,875 35 

Total net or ledger assets $i)973>964 14 

Deduct depreciation from cost of real estate to bring the same 

to market value , 150 38 

$i,973,%*3 76 

3 



34 CONTINENTAL LIFE INSURANCE COMPANY. 

OTHER ASSETS. 

Interest due and accrued on bond and mortgage loans. 80,493 57 

Interest accrued on stocks not included in market value rI >944 5° 

Interest accrued on collateral loans 30,924 01 

Interest due and accrued on premium notes, loans, or liens 151,444 85 

Market value of bonds and stocks over cost, as per Schedule E . . . . 85,678 75 

Gross premiums due and unreported on policies in 

force December 31, 1885 $19,728 23 

Gross deferred premiums on policies in force Decem- 
ber 31, 1885 24,266 63 

Total $43,994 86 

Deduct the loading on above gross amount. . 8,798 96 

Net amount of uncollected and deferred premiums 35, r 95 9° 

Total assets $2,369,495 34 



ITEMS NOT ADMITTED. 

Furniture, fixtures, and safes $8,875 35 

Agents' balances 1,163 00 

Bills receivable 189,198 13 

Total 199,236 48 

Total assets (less items not admitted) $2,170,258 86 



V. LIABILITIES. 

Net present value of all the outstanding policies in 

force December 31, 1885, computed according to 

the Actuaries' or combined experience table of 

Mortality, with four per cent, compound interest, $2,069,586 00 
Deduct net value of risks of this company, reinsured 

in c ther solvent companies ...... 831 00 

Net reinsurance reserve $2,068,755 °° 

Claims for death losses and matured endowments in 

process of adjustment, or adjusted and not due. . . $69,012 42 

Claims for death losses and other policy claims re- 
sisted by the company 18,000 00 

Total policy claims 87,012 42 

Liability of accident department 771 25 

Liabilities on policy-holders' account $2,156,538 67 

Gross surplus, including capital, on policy-holders' account, 13,720 19 

Total liabilities $2,170,258 86 



CONTINENTAL LIFE INSURANCE COMPANY. 



35 



Statement tipon a Reserve established by the Act of i8jg. 

Assets $2,170,258 86 

Liabilities — Net value of all policies in force, com- 
puted accordingto the American Experience Table 
of Mortality, and four and one-half per cent, com- 
pound interest $1,920,468 00 

Less net value of reinsurance 750 00 



$1,919,718 00 
87,783 67 2,007,501 67 

Surplus, including capital, on policy-holders' account $162,757 19 



All other liabilities . 



VI. PREMIUM NOTE ACCOUNT. 



Premium notes, loans, or liens on hand, December 

3i, 1884 

Received during the year 

Total '. 



33,516 02 
9,441 47 



)2,957 49 



Deductions during the year. 
Notes, loans, or liens used in payment of losses and 

claims $33,819 44 

Notes, loans, or liens used in purchase of surrendered 

policies, and void by lapse 5,655 61 

Notes, loans, or liens used in payment of dividends 

to policy holders 759 74 

Notes, loans, or liens redeemed by maker in cash. . • 1,786 94 

Total reduction of premium note account 

Balance note assets at the end of the year 



42,021 73 



VII. EXHIBIT OF POLICIES. 

Policies and Additions in force at the end of the previous 

Number. 

Whole life policies 6,743 

Endowment policies ; J >223 

All other policies 513 



Whole life policies . . 
Endowment policies . 
All other policies . . . 



New Policies issued during the year. 

Number. 

941 

25 

25 



Old Policies revived during the year. 



Number. 



Whole life policies 

Endowment policies 

Total number and amount 

Deduct policies ceased to be in force 

Total policies in force at end of the year . 



9,477 
1,308 



8,169 



50,935 76 



year. 

Amount. 

$7,262,313 OO 
791,369 OO 
660,845 °° 



Amount. 
1,160,243 OO 
20,516 OO 

37,325 00 

Amount. 
1,717 OO 

733 °o 

S9,935,o6i 00 
1,789,646 00 

88,145,415 OO 



36 CONTINENTAL LIFE INSURANCE COMPANY. 

Policies ceased to be in force during the year. 

Number. Amount. 

By death 80 $86,986 00 

By maturity (end) 146 99,354 00 

By expiry (term) 4 15,350 00 

By surrender 149 196,475 00 

By lapse 715 1,015,290 00 

By change and decrease .... 148,077 00 

By not taken 214 228,11300 

Total terminated 1,308 $1,789,646 00 

VIII. BUSINESS IN CONNECTICUT DURING 1885. 

Number. Amount. 
Number and amount of policies in force in Connecticut, 

December 31, 1884 , 2,302 $1,340,912 00 

Number and amount of policies issued during the year.. . . 105 37> 2 59 °° 

Totals 2,407 $1,378,171 00 

Deduct number and amount ceased to be in force. . 88 58,828 00 

Total number and amount in force Dec. 31, 1885, 2 ,3 X 9 # I ,3 I 9,343 °° 



Number. Amount. 
Number and amount of losses and claims on policies unpaid 

December 31, 1884 10 9,*°5 66 

Number and amount of losses and claims on policies in- 
curred during the year 58 44,464 60 

Totals • 68 $53,57026 

Number. Amount. 
Number and amount of losses and claims on policies paid 

during the year 47 40,401 00 

Premiums collected in cash, notes or credits .... 41,231 56 

Schedule A — Real Estate owned by the Company. 

In Illinois $193,79! 7§ 

Indiana 1,500 00 

Minnesota 881 25 

Ohio 2,413 37 

Pennsylvania 2,600 24 

Connecticut 43,95 I 49 

Total valuation $245,138 13 



CONTINENTAL LIFE INSURANCE COMPANY. 



37 



Schedule C — Loans on Collateral. 



Par Value. 

Hartford Steam Boiler Inspection Co. stock, $4,000 

Wells, Fargo & Co. Express " 10,000 

New London Northern R. R. Co. " 20,000 

Rock Island & Pacific R. R. Co. " 10,000 

Mortgage Note, W. Keeney & Co,, and — 5,000 

Gold and Stock Telegraph Co. stock 1,800 

Gold and Stock Telegraph Co. " 5, 400 

Mortgage Note, assigned 4,666 

Mortgage Note, assigned 7,800 

Adams' Nickel Plating & Mfg. Co. stock. . 16,875 

City National Bank, New York, " . . 4,000 

Bank of Commerce " " . . 3,000 

Adams Bank " . . 1,000 

Stafford National Bank " . . 500 

Orient Fire Insurance Co. " . . 600 

Bloomington Banking Association " . . 2,500 

Fourth National Bank " . . 300 

American National Bank " . . 750 

NXaz. National Bank " . . 1,000 

Rockville National Bank " . . 4,500 

Mortgage Notes 6,090 

Merchants' Loan & Trust Co. stock 8,000 

" "■ " " 5,ooo 

Hartford Life & Annuity Ins. Co. " 2,500 

Richmond Stove Co. " 4,300 

Thompson National Bank " 1,000 

Hartford Carpet Co. " 1,000 

Rockville National Bank " 1 ,800 

Adams Nickel Plating Co. " 3,75° 

" 4,625 

Totals $141,756 



Market Value. 
$8,000 
II,000 
25 ,000 
10,600 
5,000 -j 
I,8l8 J 

5,454 
4,666 
7,800 
27,000 
9,400 
4,500 
1,000 
625 



600 



\ 
i 
2,500 J 

381 1 
1,080 j 

1,310 \ 

5,4oo 1 
6,090 J 
8,000 
5,5oo -> 
2,750 J 
3,87o i 
1,250 i 

1,95° -) 
2,160 } 
6,000 
7,400 



Amt. Loaned. 
$6,000 OO 
10,000 OO 
20,000 OO 
12,000 OO 

6,600 OO 

4,000 OO 
3,500 OO 
6,000 OO 

32,465 36 



5,000 OO 



10,000 OO 

6,200 OO 
6,000 OO 

4,589 47 

4,700 00 

3,121 99 
5,100 OO 



$178,104 $145,276 82 



Schedule K — Stocks and Bonds owned by the Company. 

Cost Value. Par Value. 

Reg. bonds Connecticut, t>/4. P- c. . . $43,372 74 $40,000 00 

Utica Cement Mfg. Co. stock 4*7,575 00 417,575 00 

Standard Cement Co. " .' 67,700 00 132,500 00 

Kellogg & Bulkeley Co. " 5,081 25 6,775 °o 

Mortgage bds., secured by trust deed, 13,00000 13,00000 

Farm bonds, " " 82,642 87 82,642 87 

Totals $629,371 86 $692,492 87 



Market Value. 
$43,372 74 

438,453 75 
132,500 OO 

5,081 25 

13,000 OO 
82,642 87 

$715,050 61 



38 



CONTINENTAL LIFE INSURANCE COMPANY. 



ACCIDENT DEPARTMENT. 

Commenced issue of Accident Policies January, li 



I. CAPITAL. 
Net assets in the department December 31, 1884. . . 



None. 



II. INCOME DURING THE YEAR. 

Cash received for premiums, without deduction for 

commissions or other expenses $1,210 00 

Premium credits 396 00 



Total income . 



$1,606 00 



III. DISBURSEMENTS DURING THE YEAR. 



Cash paid for losses 

Cash paid for commissions . 



#8 00 
195 10 



Total disbursements . 



$203 10 



IV. LIABILITIES. 

Reinsurance reserve December 31, 1885, computed at fifty per cent. 

of premiums received on policies in force $771 25 

Claims for losses in process of adjustment None. 

Claims for losses resisted by the Company None. 



V. EXHIBIT OF POLICIES. 



Policies issued during the year . 
Policies ceased to be in force . . 



Number. 


Amount. 


138 


$471,500 OO 


20 


77,000 OO 



118 $394,500 OO 



By cancellation . 
By expiry 



Policies ceased to be in force during the year. 

Number. Amount. 

11 $36,000 OO 

9 41,00000 



20 $77,000 00 



HARTFORD LIFE AND ANNUITY INSURANCE COMPANY. 39 

HARTFORD LIFE AND ANNUITY INSURANCE COMPANY, 

HARTFORD, CONN. 

Commenced Business, April, 1867 
F. R. Foster, President. Stephen Ball, Secretary. . 



I. CAPITAL. 

Capital stock paid up in cash $250,000 00 

Amount of net or ledger assets December 31, 1884 $867,032 10 



II. INCOME DURING THE YEAR. 

Cash received for premiums without 
deductions for commissions or other 
expenses $22,597 67 

Deduct amount paid to other com- 
panies for reinsurance of policies 
in this Company 258 18 

Total premium income $22,339 49 

Interest on mortgage loans 23,534 12 

Interest on bonds owned, and dividends on stock. 9,255 00 

Interest on other debts due the Company 3, 1 39 60 

Rents for use of company's property 3>°79 74 

Suspense and P. and L. accounts 167 95 

Totalincome $61,515 90 

Total $928,548 00 



III. DISBURSEMENTS DURING THE YEAR. 

Cash paid for losses and additions. . . $39,182 00 
Matured endowments and additions . . 6,350 00 

Total amount actually paid for losses and 

matured endowments $45>53 2 °° 



40 HARTFORD LIFE AND ANNUITY INSURANCE COMPANY. 

Surrendered policies. 10,547 03 

Dividends to policy-holders. 17,612 24 

Total paid policy-holders $73,691 27 

Commissions to agents 1,14° 56 

Salaries and other compensation of officers and other 

office employes 5>749 3° 

Taxes, licenses, fines, and fees 1*483 78 

Rent 1,062 50 

Postage, $197.05; loss on real estate, $3,407.24; 

miscellaneous expenses, $2,409.19 6,013 48 

Total disbursements 89,140 89 

Balance $839,407 1 1 



IV. ASSETS. 

AS PER LEDGER ACCOUNTS. 

Real estate unencumbered, as per Schedule A. . . . . $219,370 16 

Loans on bond and mortgage (first liens) , 277,945 16 

Loans secured by collateral, as per Schedule C . . . . 2,000 00 
Loans made in cash to policy-holders on the Com- 
pany's policies assigned as collateral 84,710 00 

Cost value of bonds and stocks owned absolutely 

as per Schedule E 204,275 50 

Cash in company's office 4,067 80 

Cash deposited in banks 47,038 49 

Total net or ledger assets $839,407 1 1 

Deduct depreciation from cost of assets to bring 

same to market value 9,3 2 7 2 S 

Total net or ledger assets, less depreciation $830,079 86 



OTHER ASSETS. 

Interest due and accrued on bond and mortgage loans 5,6i8 18 

Interest due and accrued on bonds not included in market value. . 550 00 

Gross premiums due and unreported on policies in 

force December 31, 1885 $2,990 67 

Gross deferred premiums on policies in force De- 
cember 31, 1885 2,450 80 

Total $5»44i 42 

Deduct the loading on above gross amount. . 1,088 28 

Net amount of uncollected and deferred premiums "4,353 x 4 

Total assets $840,601 18 



HARTFORD LIFE AND ANNUITY INSURANCE COMPANY. 



41 



V. LIABILITIES. 

Net present value of all the outstanding policies in 
force December 31, 1885, computed according to 
the Actuaries' or Combined Experience Table of 
Mortality, with four per cent, compound interest, $572,008 00 

Deduct policies reinsured 4>473 °° 

Net reinsurance reserve 

Claims for death losses, and matured endowments in process of 
adjustment, or adjusted and not due 

Liabilities on policy-holders' account 

Gross surplus, including capital, on policy-holders' account. . 

Total liabilities 



.535 00 
526 00 



061 00 

72,540 18 



,601 18 



Statement based upon a reserve established by the Act of 1879. 

Assets 

Liabilities — Net value of all policies in force, com- 
puted according to the American Experience 
Table of Mortality, and four and one-half per 
cent, compound interest 

Less net value of reinsurance ■ 



Total 

All other liabilities . 



520,904 00 
4,075 00 

516,829 00 
526 00 



Surplus, including capital, on policy-holders' account . 



,601 18 



517,355 00 



$323,246 18 



VI. EXHIBIT OF POLICIES. 

Policies and Additions in force at the end of the previous year. 

Number. Amount. 

Whole life policies 1,120 $1,370,813 00 

Endowment policies 32 26,072 00 

All other policies 115 186,500 00 

Additions .... 4,402 00 

1,267 $1,587,787 00 

New Policies issued during the year. 

None. 



Old Policies^ revived during the year. 

Number. 
Whole life policies None. 

Change and increase during the year. 

Number. 

Whole life policies 6 

All other policies , 5 



Amount. 
None. 



Amount. 
5,786 OO 
9,000 00 



42 HARTFORD LIFE AND ANNUITY INSURANCE COMPANY. 

Additions by dividends. 



Additions 

Total number and amount 

Deduct policies ceased to be in force 

Total policies in force at end of the year. 



Number. Amount. 

.... 92 OO 

1,278 $1,602,665 OO 

108 146,793 OO 



1,170 $1,455,872 OO 



Policies ceased to be in force during the year. 



By death 

By expiry 

By maturity 

By surrender 

By lapse 

By change and decrease 

Total terminated 



Number. Amount. 

20 $38,820 OO 

26 43,000 OO 

5 5.352 00 

42 34, 121 °° 

4 5,500 00 

11 20,000 OO 

108 $146,793 OO 



VII. BUSINESS IN CONNECTICUT DURING 1885. 

Number. Amount. 

Number and amount of policies in force in Connecticut 

December 31, 1884 151 $223,277 00 

Number and amount of policies issued during the year. . . . None. 

Totals 151 $223,27700 

Deduct number and amount ceased to be in force. . 7 1 5,633 °° 



Total number and amount in force Dec. 31, 1885, 144 $207,64400 



Premiums collected (all cash) , 
Losses paid 



2,658 00 
11,500 00 



Schedule A — Real estate owned by the Company. 
In Connecticut $218,618 79 



Illinois . 
Kansas 



6,401 37 

2,350 00 



Total 



8227,370 16 



Schedule E — Stocks and Bonds ozvned by the Company. 

Cost Value. Par Value. Market Value. 

United States Bonds — 

United States 4^ p. c. reg $60,693 75 #53,°°° °° $59>757 00 

United States 3 p. c 24,000 00 24,000 00 24,840 00 

Railroad Bonds — 

Erie consolidated 1st mort. 7 p. c. . 5,207 75 4,000 00 5,120 00 



PH(ENIX MUTUAL LIFE INSURANCE COMPANY. 



43 



Cost Value. 

Railroad Stocks — 

N. Y. Central & Hudson River 24,987 50 

Chicago, Burlington & Quincy 13,516 00 

Chicago, Rock Island & Pacific. . . . 25,375 00 

Bank Stocks — 

Hartford National, Hartford x )9°5 25 

First « « 39,883 50 

Farmers & Mechanics, " 3.277 50 

Mercantile, " I > 2 53 75 

Mechanics, N. Y 3.7J2 50 

Home National, Meriden 5*670 75 

Totals $209,483 25 



Par Valve. 

20,000 OO 
12,200 OO 
20,000 OO 

I,IOO OO 

30,000 OO 
3,000 OO 
1,000 OO 
2,500 OO 
5,000 OO 



Market Value. 

21,075 °° 
16,714 OO 
25,650 OO 

1,760 OO 

30,900 OO 

3,090 OO 

1,000 OO 

3.75° °° 
6,500 OO 



$175,800 00 $200,156 OO 



PHCENIX MUTUAL LIFE INSURANCE COMPANY, 

HARTFORD, CONN. 

Commenced Business, May, 1851. 
Aaron C. Goodman, President. John M. Holcombe, Secretary. 



I. CAPITAL. 

Capital stock paid up in cash $100,000 

Amount of ledger assets December 31, 1884 



$10,277,555 64 



II. INCOME DURING THE YEAR. 

Cash received for premiums without 
deduction for commissions or other 
expenses $695,199 36 

Premium notes, loans, or liens used 

in part payment for premiums I >54 1 80 

Premiums paid by reconverted addi- 
tions and surrendered policies. . . . 6,971 81 

Premiums on new business, $57,- 
370.71 ; on old, $646,342.26. , 

Total $703,712 97 

Deduct amount paid to other com- 
panies for reinsurance of polioies in 

this Company 3.363 42 

Total premium income $700,349 55 



44 PHCENIX MUTUAL LIFE INSURANCE COMPANY. 

Interest on mortgage loans 410,026 72 

Interest on bonds owned, and dividends on stock. . 62,351 45 

Interest on premium notes, loans, or liens 77>5 2 5 °9 

Interest on other debts due the Company 8,701 13 

Discount on claims paid in advance 2,186 01 

Rents for use of Company's property 54,915 90 

Total income $1,316,055 85 

Total $11,593,611 49 

III. DISBURSEMENTS DURING THE YEAR. 
Cash paid for losses and additions. . . $499,521 54 
Premium notes, loans, or liens used in 

payment qf same 57,282 62 

Cash paid for matured endowments 

and additions 301,350 02 

Premium notes, loans, or liens used in 

payment of same 27,058 98 

Total amount actually paid for 

losses and matured endowments $885,213 16 

Cash paid for surrendered policies 114,380 19 

Premium notes, loans, or liens used in purchase of 

surrendered policies, and voided by lapse 49,790 15 

Cash surrender values, including reconverted addi- 
tions, applied in payment of premiums 6,971 81 

Cash dividends paid to policy-holders and applied in 

payment of premiums 127,682 32 

Premium notes, loans, or liens used in payment of 

dividends to policy-holders 3,491 94 

Total paid policy-holders. .. .$1,187,529.57 

Dividends to stockholders 24,000 00 

Commissions to agents 5 2 )495 73 

Salaries and traveling expenses of managers of 

agencies, general, special, and local agents 39,93* 62 

Medical examiners' fees 4,222 50 

Salaries and other compensation of officers and other 

office employes 48,195 83 

State and local taxes in State where organized, 

$24,722.46; taxes, licenses, fines and fees in other 

States, $4,250.01 28,972 47 

Rent n,539 6 7 

Furniture and fixtures and safes for home and agency 

offices 47 75 

Advertising 4,833 05 

Sundry items : Books, blanks, and stationery, $3,- 

961.62; exchange, $1,020.82; postage, $3,344.14; 

law expenses, $7,332.23; expense, $5,930.86 26,872 09 

Profit and loss 5,282 42 

Total disbursements $1,428,640 28 

Balance $10,164,971 21 



PHCENIX MUTUAL LIFE INSURANCE COMPANY. 45 

IV. ASSETS. 

AS PER LEDGER ACCOUNTS. 

Real estate unencumbered, as per Schedule A $1,255,895 59 

Loans on bond and mortgage (first liens) 5,964,466 38 

Premium notes, loans, or liens on policies in force. 1,267,989 89 
Cost value of bonds and stocks owned absolutely, as 

per Schedule E 1,113,730 50 

Cash in Company's office I >7 2 5 l 5 

Cash deposited in banks 561,163 70 

Total net or ledger assets $10,164,971 21 



OTHER ASSETS. 

Interest due and accrued on bond and mortgage loans 143,801 35 

Market value of bonds and stocks over cost, as per Schedule E. . . . 83,519 00 

Gross premiums due and unreported on policies in 

force December 31, 1885 $ r 3>393 2 7 

Gross deferred premiums on policies in force De- 
cember 31, 1885 37,3°6 27 



Total $50,699 54 

Deduct the loading on above gross amount. . 12,674 88 

Net amount of uncollected and deferred premiums 38,024 66 

Total assets $10,430,316 22 



V. LIABILITIES. 

Net present value of all the outstanding policies in 
force December 31, 1885, computed according to 
the Actuaries' or Combined ' Experience Table of 
Mortality, with four per cent, compound interest . . $9,056,39200 

Deduct net value of risks of this Company reinsured 

in other solvent companies 6,946 00, 

Net reinsurance reserve $9,049,446 00 

Claims for death losses due and unpaid $11,500 00 

Claims for death losses and matured endowments in 

process of adjustment or adjusted and not due. . . 129,543 00 

Claims for death losses, and other policy claims re- 
sisted by the Company 13,000 60 

Total policy claims 1 54,043 00 

Premiums paid in advance 3,230 02 

Contingent reserve on policy account, $65,383.36; special reserve, 

$150,000.00 215,383 36 

Liabilities on policy-holders' account $9,422,102 38 

Gross surplus, including capital, on policy-holders' account. . 1,008,213 84 

Total liabilities $10,430,316 22 



46 



PHCENIX MUTUAL LIFE INSURANCE COMPANY. 



Statement based upon a reserve established by the Act of i8yg. 

Assets $10,430,316 22 

Liabilities — Net value of all policies in force, com- 
puted according to the American Experience 
Table of Mortality, and four and one-half per 
cent, compound interest $8,586,058 00 

Less net value of reinsurance 6,554 00 



All other liabilities . 



$8,579,504 00 
372,656 38 8,952,160 38 

Surplus, including capital, on policy-holders' account $1,478,155 84 

VI. PREMIUM NOTE ACCOUNT. 
Premium notes, loans, or liens on hand December 



31, i»»4 

Received during the year. 



$1,409,646 59 
1,541 80 



Total $1,411,188 39 



Deductions during the year. 

Notes, loans, or liens used in payment of losses and 
claims 

Notes, loans, or liens used in purchase of surrendered 
policies and void by lapse 

Notes, loans, or liens used in payment of dividends 
to policy-holders 

Notes, loans, or liens redeemed by maker in cash . . 

Total reduction of premium note account 



84,341 60 
49,790 15 

3,491 94 
5,574 81 



143,198 50 



Balance note assets at the end of the year $1,267,9 



VII. EXHIBIT OF POLICIES. 

Policies and Additions in force at the end of the previous year. 



Whole life policies , 

Endowment policies t 5,3*9 

All other policies 43 

Reversionary additions .... 



Number. Amount. 

13,550 $20,588,141 OO 
6,442,384 OO 
73,700 OO 
138,893 OO 



Whole life policies. . 
Endowment policies 



Whole life policies . . 
Endowment policies. 



New Policies issued during the year. 



Old Policies revived during the year, 



Number. 

1 195 
1,064 


Amount. 

157,95* °° 
1,518,707 00 


r. 

Number. 

9 
3 


Amount. 
10,069 °° 
3,500 OO 



PHCENIX MUTUAL LIFE INSURANCE COMPANY. 47 

Additions by dividends during the year. 

Number. Amount. 

Reversionary additions .... 1 2,424 00 

Total number and amount 20,183 $28,945,769 00 

Deduct policies ceased to be in force *,776 2,708,529 00 

Total policies in force at the end of the year. . 18,407 $26,237,240 00 

Policies ceased to be in force during the year. 

Number. Amount. 

By death 311 $565,137 00 

By maturity (end.) 302 328,675 00 

By surrender 245 372,925 00 

By lapse 506 714,561 00 

By change and decrease 215 432,995 00 

By not taken 197 294,236 00 

Total terminated 1,776 $2,708,529 00 

VIII. BUSINESS IN CONNECTICUT DURING 1885. 

Number. Amount. 

Number and amount of policies in force in Connecticut 

December 31, 1884 2,280 $2,586,807 00 

Number and amount of policies issued during the year .... 116 J 43,957 °° 

Totals . . . , 2,396 $2,730,764 00 

Deduct number and amount ceased to be in force. . 180 198,221 00 

Total number and amount in force Dec. 31, 1885, 2,216 $2,532,543 00 

Number and amount of losses and claims on policies unpaid 

December 31, 1884 7 9,9°5 °° 

Number and amount of losses and claims on policies in- 
curred during the year 92 96,731 00 

Totals 99 $106,636 00 

Number and amount of losses and claims on policies paid 

and settled during the year 95 94,378 00 

Premiums collected in cash .... 95,757 53 

Schedule A — Real Estate owned by the Company. 

In Illinois $416,788 08 

Indiana .547,735 28 

Michigan 165,365 28 

Wisconsin 90,5 10 35 

Nebraska 5, 1 50 40 

Kansas 5, 000 00 

Iowa 14,746 20 

Missouri 2,500 00 

Vermont 2,000 00 

New York 2,500 00 

Ohio 3,6oo 00 

Total cost value $1,255,895 59 



48 



PHCENIX MUTUAL LIFE INSURANCE COMPANY. 



Schedule E — Stocks and Bonds owned by the Company. 









Cost Value. 


Par Value. 


Market Value. 


United States Bonds — 














United States reg. 4^ p. c 


, 1891. 


$104,410 


00 


$100,000 


OO 


$112,625 °o 


United States reg. 4 p. c . . 




105,000 


00 


105,000 


OO 


130,200 OO 


United States coup. 4 p. c . 




3,221 


25 


3,000 


OO 


3,720 OO 


Railroad Bonds — 






Erie 1st cor 


l. mort. 7 p. c 
.istm. 6p.c, S. 




120,833 
50.375 


75 
00 


100,000 
50,000 


OO 
OO 


128,000 OO 


C.,M.&St.P 


M.Div., 


58,500 OO 


Vermont Valley, 1881, 5 p. 


c 


103,750 


00 


100,000 


OO 


107,000 00 


St.Johnsb'y&Lake Champl' 


n6p. c, 


105,000 


00 


100,000 


OO 


110,000 OO 


Municipal Bonds— 














Mattoon city, 111., 10 p. c. 




9,840 


00 


IO,000 


OO 


9,840 00 


Valley Falls 


township, Kan 


,7 p.c, 


14,835 


00 


23,000 


OO 


14,835 OO 


Fremont county, la. refund 


6 p.c, 


18,450 


00 


l8,000 


OO 


18,450 OO 


NodawayCo 


.,Mo.,ct.h. & jail 6 p.c, 


74,52° 


00 


72,000 


OO 


74,520 00 


Harlan, Iowa,town refundin 


g6p.c, 


3,045 


00 


3,000 


00 


3,o45 0° 


West M. sch. dist., Hartford, 6 p. c, 


107,500 


00 


100,000 


OO 


105,000 OO 


Ind.sch.dist 


Clarinda,Ia.,ref. 6 p.c, 


9,067 


50 


9,000 


OO 


9,067 50 


« « 


Charitan, " 


it 


IO,IO0 


00 


IO,000 


OO 


10,100 OO 


" 


Bedford, " 


a 


6,565 


00 


6,500 


OO 


6,565 00 


" 


Leon, " 


a 


6,060 


00 


6,000 


OO 


6,060 OO 


" " 


Essex, " 


tt 


4,141 


00 


4,IOO 


00 


4,141 OO 


" " 


Harlan, " 


" 


1,515 


00 


1,500 


OO 


1,515 00 


a a 


Indianola, " 


" 


9,135 


00 


9,000 


OO 


9,i35 00 


it tt 


Colfax, " 


n 


507 


5o 


500 


OO 


507 50 


" " 


Moulton, " 


It 


507 


5o 


500 


OO 


507 50 


a it 


Eldora, " 


'« 


4,080 


00 


4,000 


00 


4,080 OO 


11 it 


Sidney, " 


tt 


3,587 


5o 


3,500 


OO 


3,587 50 


it it 


Woodbine," 


tt 


4,578 75 


4,500 


OO 


4,578 75 


(( it 


Shenan'h, " 


ti 


2,040 


00 


2,000 


00 


2,040 OO 


Mound City 


, Mo., sch. dist. 


8 p. c, 


663 


00 


650 


OO 


663 OO 


Stanbury, 


Cf CI 


6 p. c, 


12,060 


00 


12,000 


OO 


12,060 OO 


Maryville, 


It It 


7 P- c. 


24,840 


00 


24,000 


OO 


24,840 OO 


Trenton, 


it it 


6 p. c, 


19,800 


00 


20,000 


OO 


19,800 OO 


Gault, 


it it 


8 p. c, 


1,680 


00 


1,600 


OO 


1,680 OO 


Bolckow, 


tl tt 


8 p. c, 


1,048 


50 


1,000 


OO 


1,048 50 


Rockport, 


it it 


7 p. c, 


10,050 


00 


10,000 


00 


10,050 OO 


Barnard, 


tt it 


8 p. c, 


4,773 


75 


4,750 


OO 


4,773 75 


Eaton, 


It it 


8 p. c, 


2,512 


50 


2,500 


OO 


2,512 50 


Bank Stocks 
















Charter Oak National, Hartford . . . 


19,662 


00 


20,000 


OO 


27,600 00 


First 




C 


22,255 


00 


20,000 


OO 


20,000 OO 


Mtna. 


it 


' 


3»5oo 


00 


3,500 


OO 


4,025 OO 


Mercantile 


(6 i 




6,95° 


00 


IO,000 


OO 


10,000 OO 


American 


" 




36,893 


00. 


32,000 


OO 


46,080 OO 


Farmers&Mech. " ' 


1 ... 


6,068 


00 


5,500 


OO 


5,665 OO 



TRAVELERS INSURANCE COMPANY. 49 

Phoenix National, Hartford 26.000 00 20,000 00 27,000 00 

Toledo National, Toledo, O 9.960 00 8,300 00 9,960 00 

United States, Hartford 5,000 00 5,000 00 9,500*00 

Miscellaneous — 

Hartford City Gas Light Co. stock, 7-350 00 7, 100 00 9-372 00 

Security Co., Hartford, stock 10,000 00 10,000 00 13,000 00 

Totals $1, 113, 730 50 $1,063,000 00 $1,197,249 50 



TRAVELERS INSURANCE COMPANY, 

HARTFORD, CONN. 

Commenced Business, July, 1866. 

James G. Batterson, President. Rodney Dennis, Secretary. 



LIFE DEPARTMENT. 

I. CAPITAL. 
Amount of net or ledger assets December 31, 1884 $5>935>947 05 

II. INCOME DURING THE YEAR. 

Cash received for premiums without 
deduction for commissions or other 

expenses $848,373 74 

On new business, $168,104.61; on 

old, $680,269.13. 
Deduct amount paid to other com- 
panies for reinsurance of policies 

in this Company 2,075 3^ 

Total premium income $846,298 38 

Interest on mortgage loans 275,276 88 

Interest on bonds owned, and dividends on stock. . 54,860 05 

Interest on other debts due the Company 7)832 59 

Discount on claims paid in advance 54 83 

Rents 27,750 99 

Profits on bonds, stocks, or other property sold. . . . 17,688 70 

Total income $1,229,762 42 

Total $7,165,709 47 

4 



50 TRAVELERS INSURANCE COMPANY. 

III. DISBURSEMENTS DURING THE YEAR. 

Cash paid for losses $267,67 1 03 

Cash paid for matured endowments.. 68,535 32 

Total amount actually paid for losses and 

matured endowments $336,206 35 

Cash paid for annuities 1 50 00 

Cash paid for surrendered policies 43,214 44 

Total paid policy-holders .. . $379,570 79 

Commissions to agents 92,619 62 

Salaries and traveling expenses of managers of 

agencies, and general, special, and local agents. . 14,704 27 

Medical examiners' fees 10,119 96 

Salaries and other compensation of officers and other 

office employes 31,85 1 56 

Taxes, licenses, fines, and fees 7,79° 43 

Rent 1,016 69 

Advertising 42,600 67 

Sundry items : Books, blanks, and stationery, 
$5,394.04; express charges, $752.06; loss ex- 
penses, $285.75; expense, $5,597.67 ; exchange, 
$960.90; postage, $31.67 13,022 09 

Total disbursements $593,296 08 

Balance $6,572,413 39 



IV. ASSETS. 

AS PER LEDGER ACCOUNTS. 

Real estate, unencumbered, as per Schedule A . . . . $1,091,651 05 

Loans on bond and mortgage (first liens) 3,3 I 9,9 I 7 2 3 

Loans secured by pledge of bonds, stocks, or other 

marketable collaterals, as per Schedule C 124,300 00 

Loans made in cash to policy-holders, on this Com- 
pany's policies, assigned as collateral 35,316 00 

Cost value of bonds and stocks owned absolutely as 

per Schedule E 1,321,621 23 

Cash in Company's office 584 62 

Cash deposited in banks 603,490 89 

Bills receivable 48,000 00 

Agents' ledger balances 2 7,53 2 37 

Total net or ledger assets $6,572,413 39 

Deduct depreciation from cost "of assets, to bring 

same to market value 444,795 78 

Total net or ledger assets, less depreciation. $6,127,617 61 



TRAVELERS INSURANCE COMPANY. 51 

OTHER ASSETS. 

Interest accrued on bond and mortgage loans 92,045 21 

Gross premiums due and unreported on policies in 

force December 31, 1885 $66,504 03 

Gross deferred premiums on policies in force Decem- 
ber 31, 1885 109,521 94 

Total $176,025 97 

Deduct the loading on above gross amount, 21,123 n 

Net amount of uncollected and deferred premiums ... 1 54,902 86 

Total assets $6,374,565 68 

ITEMS NOT ADMITTED. 

Agents' balances $27,532 37 

Bills receivable 48,000 00 75,532 37 

Total admitted assets $6,299,033 31 

V. LIABILITIES. 

Net present value of all the outstanding policies in 

force December 31, 1885, computed according to 

the Actuaries' or Combined Experienced Table 

of Mortality, with four per cent, compound 

interest $5,454,062 00 

Deduct net value of risks of this Company reinsured 

in other solvent companies 21,617 00 

Net reinsurance reserve $5,432,445 00 

Reserve for indemnity contracts of life policies 5 ,000 00 

Death losses and matured endowments in process 

of adjustment, or adjusted and not due $32,956 00 

Death losses, and other policy claims resisted by the 

Company 5, 000 00 

Total policy claims 37>956 00 

Liabilities on policy-holders' account $5,475,401 00 

Gross surplus on policy-holders' account 823,632 31 

Total liabilities $6,299,033 31 

Statement based upon a Reserve established by the Act of 1879. 

Assets $6,299,033 31 

Liabilities — Net present value of all policies in force, 
computed according to the American Experience 
Table of Mortality, and four and one-half per 
cent, compound interest $4,995,764 00 

Less net value of reinsurance 19,850 00 

#4>975> QI 4 00 

All other liabilities 42,956 00 5,018,870 00 

Surplus on policy-holders' account $1,280,163 31 



52 TRAVELERS INSURANCE COMPANY. 

VI. EXHIBIT OF POLICIES. 

Policies in force at the end of the previous year. 

Number. Amount. 

Whole life policies 1 1,852 $21,222,233 00 

Endowment policies 3,399 5.847,296 00 

All other policies 89 259,285 00 



New Policies issued during the year. 

Number. Amount. 

Whole life policies 1,605 3>4 OI >9°3 °° 

Endowment policies 1,080 2,181,838 00 

All other policies 39 185,500 00 



Old Policies revived during the year. 

Number. Amount. 

Whole life policies 65 89,779 0O 

Endowment policies 20 31,39° 00 

Old Policies increased during the year. 

Number. Amount. 

Whole life policies .... 3,272 00 

Total number and amount '. 18,149 $33,222,496 00 

Deduct policies ceased to be in force 1,579 3,416,365 00 

Total policies in force at the end of the year . . 16,570 $29,806,131 00 

Policies ceased to be in force during the year. 

Number. Amount. 

By death 155 $256,126 00 

By maturity (end) 64 67,374 00 

By expiry (term) 1 1 19,500 00 

By surrender 93 137,639 00 

By lapse 880 1,876,700 00 

By change and decrease 134 5 18,776 00 

By not taken 242 540,250 00 

Total terminated 1,579 $3,416,365 00 



VII. BUSINESS IN CONNECTICUT DURING 1885. 

Number. Amount. 
Number and amount of policies in force in Connecticut 

December 31, 1884 724 $1,147,803 00 

Number and amount of policies issued during the year ... . 123 282,297 00 

Totals 847 $1,430,100 00 

Deduct number and amount ceased to be in force . . 88 171,405 00 

Total number and amount in force Dec. 31, 1885, 759 $ l > 258,695 00 



TRAVELERS INSURANCE COMPANY. 

Number. 

Number and amount of losses and claims on policies in- 
curred during the year 1 1 

Number and amount of losses and claims on policies paid 

during the year 10 

Premiums collected in cash 

Schedule A — Real Estate owned by the Company. 

In Illinois $243,049 73 

Indiana 673,926 75 

Wisconsin 2,427 06 

Colorado 1 1,403 15 

Minnesota 1,101 06 

Kansas 36,428 24 

Hartford 81,030 72 

Dakota 22,432 53 

Expense of foreclosure \q,%$\ 81 

Total cost value $1,091,651 05 

Deduct depreciation 434,738 68 

Valuation $656,912 37 



53 

Amount. 

$11,699 2 9 

10,199 2 9 
65.737 73 



Schedule C — Loans on Collateral. 

Par Value. Market Value. Amt. Loaned. 

Jacksonville, Tampa & K. West R. R. bds., $67,000 $67,000 $50,000 00 

Phoenix Ins. Co. stock, Hartford 500 850 300 00 

Citizens Ditch and Land Co. bonds, Col. . . 90,000 81,000 40,00000 
Sundry chattel mort. notes, dated at Abilene, 

Kansas .*. . . 13.104 13.104 5.°°° °° 

Kan Farm Mort. Co. stock, Abilene, Kan. 49,600 49,600 25,000 00 

Sundry Western mortgage loans 4,400 4,400 4,000 00 

Totals $224,604 $215,954 $124,30000 



Schedule E — Stocks and Bonds owned 
Cost Value. 

Municipal Bonds — 

Atchison County, Kan $4,525 00 

Clark ' " Dak., Sch. Dis. . 5,95200 

Traill " " 1,500 00, 

Otter Tail " Minn 45,50000 

Butler " Neb 57,085 00 

Middletown, Conn., Town. , 10,786 67 

Parkdale, Ont., " Ix »765 00 

Collingswood, " " . School. . 9,75o 00 

Almonte, " " 14,53133 

Paris, Ont., Town, water works... 8,567 75 

Windsor, Ont., Town 11,124 84 

Coaticook, Quebec, Town 25,375 00 



the Company. 
Par Value. Market Value. 



$4,500 OO 

6,200 OO 

1,500 OO 

50,000 OO 

49,000 OO 

10,000 OO 

10,000 OO 

9,750 OO 

14,900 OO 

8,000 OO 

10,615 31 

25,000 OO 



$4,500 OO 

6,200 OO 

1,500 OO 

50,000 00 

56,840 00 

10,500 OO 

11,950 OO 

10,578 75 

14,900 OO 

8,960 OO 

11,358 38 

25,875 OO 



54 



TRAVELERS INSURANCE COMPANY. 



Cost Value. 

Frankfort, Dak., Township, school, 1,455 °° 

Lancaster, Kan., " railroad, 14,850 00 

Lakin, " " bridge.. 7,455 00 

Crawford, " " railroad, 23,875 00 

Indianapolis, Ind., City 7,766 66 

Jacksonville, Fla., "• sanitary. . . 4,000 00 

Topeka, Kan., " 34,68684 

Ottawa, " " 8,160 00 

Sherbrooke, Quebec, " 3°,7S° °° 

Hartford, Conn., " 10,600 00 

Montreal, Quebec, " school 13,647 83 

" " " I3.53 2 10 

" " " harbor.... 21,010 40 

" . " " " 15.450 00 

St. Thomas, Ont., " 33,765 00 

Railroad Bonds — 

Lake Shore & Michigan Southern, 2,110 00 

Keokuk & Des Moines 4,95° 00 

Canadian Pacific 49,000 00 

Railroad Stocks — 

New York Cen. & Hud. River. . . . 5^,937 50 

Chicago, Rock Island & Pacific. . . 52,987 50 

Central Pacific 46,612 50 

Chicago & Northwestern, common, 236,775 00 

Bank Stocks — 

Nat. Exchange, Hartford, Conn. . 43,046 50 

Farm. & Mech. Nat., " " .. 19,093 00 

American " " " . . 23,324 50 

Phcenix " " " ... 37,094 00 

Mercantile " " " . . 10,200 00 

Hartford ". " " .. 91,878 25 

First " " " . . 10,488 38 

Charter Oak " " " . . 19,982 25 

Thames " Norwich, Conn., 35,00000 

Metropolitan Nat., New York, N.Y., 13,115 63 

Amer. Ex. " " " 21,413 00 

Mer. Ex. " " " 11,912 79 
National Bank of Commonwealth, 

Boston, Mass 11,212 75 

Atlas National, Boston, Mass 11,900 00 

Connecticut Trust & Safe Deposit 

Co., Hartford, Conn 29,400 00 

Security Co., Hartford, Conn 12,086 25 

Miscellaneous — 

Hartford City Gas Light Co. stock, 28,635 OI 

Totals $1,321,621 23 



Par Value. 

1,500 OO 
15,000 OO 

7,000 OO 
25,000 OO 
10,000 OO 

4,000 OO 
44,000 OO 

8,000 OO 
30,000 OO 
10,000 OO 
13,000 OO 
13,000 OO 
20,000 OO 
15,000 OO 
30,000 OO 

2,000 OO 
10,000 OO 
50,000 OO 

50,000 OO 

40,000 OO 

50,000 OO 

200,000 OO 

30,000 OO 
13,400 OO 
17,500 OO 
24,100 OO 
10,000 OO 
57,900 OO 
10,000 OO 
15,400 OO 
25,000 OO 
10,000 OO 
20,000 OO 
12,000 OO 

10,000 OO 
10,000 OO 

35,000 OO 
12,000 OO 



Market Value. 

1,500 OO 
15,000 OO 

7,700 OO 
25,000 OO 
10,000 OO 

4,000 OO 
44,000 OO 

8,160 OO 
31,500 OO 
10,500 OO 
15,990 OO 
14,105 OO 
23,600 OO 
15,900 OO 
34,650 OO 

2,440 OO 
10,800 OO 
49,500 OO 

52,000 OO 

51,200 OO 

21,500 OO 

220,000 OO 

43,200 OO 

13,802 OO 

25,200 OO 

33,017 OO 

9,500 OO 

92,640 OO 

10,000 OO 

'21,098 OO 

35,000 OO 

3,000 OO 

25,600 OO 

12,000 OO 

11,800 OO 
12,600 OO 

45,500 OO 
15,600 OO 



15,000 00 19,800 OO 



51,174,265 31 $1,311,564 13 



TRAVELERS INSURANCE COMPANY. 55 



ACCIDENT DEPARTMENT. 

I. CAPITAL. 

Capital stock paid up in cash $600,000 00 

Amount of net or ledger assets December 31, 1884 $2,399,845 39 

II. INCOME DURING THE YEAR. 

Cash received for premiums, without deduction for 

commissions or other expenses $ x , 974,339 59 

Interest on mortgage loans 3,281 13 

Interest on bonds owned, and dividends on stock . . 87,914 5 1 

Interest on other debts due the Company 8,048 43 

Discount on claims paid in advance 42 50 

Rents , 1,246 99 

Total income 2,074,873 15 

Total $4,474,718 54 



III. DISBURSEMENTS DURING THE YEAR. 

Cash paid for losses $885,012 34 

Total paid policy-holders $885,012.34 

Dividends to stockholders 84,000 00 

Commissions to agents 516,681 65 

Salaries and traveling expenses of managers of 

agencies, general, special and local agents 111,140 38 

Medical examiners' fees 12,277 74 

Salaries and other compensation of officers and other 

office employes 91,610 56 

Taxes, licenses, fines, and fees 30,114 42 

Rent 22,248 45. 

Furniture and fixtures and safes for home and agency 

offices 638 31 

Advertising 59,634 74 

Sundry items : books, blanks and stationery, $22,- 

011.44; express charges, $8,738.64; loss expenses, 

$9>943-56; expense, $8,855.55; exchange, $2,- 

014.73; postage, $18,683.60; profit and loss, 

$3,022.01 73,269 53 

Total disbursements $1,886,628 12 



Balance $2,588,090 42 



56 TRAVELERS INSURANCE COMPANY. 

IV. ASSETS. 

AS PER LEDGER ACCOUNTS. 

Real estate unencumbered, as per Schudule A $101,517 36 

Loans on bonds and mortgages (first liens) 66,225 00 

Loans secured by pledge of bonds, stocks, or other 

marketable collaterals, as per Schedule C 186,190 75 

Cost value of bonds and stocks owned absolutely, as 

per Schedule E 1,814,717 49 

Cash in Company's office 586 7 1 

Cash deposited in bank 134,027 85 

Bills receivable '. 280,61 1 92 

Agents' ledger balances 4i2i3 34 



Total net or ledger assets $2,588,090 42 

Deduct depreciation from cost of assets J^^S?; 85 

Total net or ledger assets, less depreciation $2,400,550 57 



OTHER ASSETS. 

Interest accrued, but not yet due, on bond and mortgage loans 2,279 59 



Total assets $2,402,830 16 



ITEMS NOT ADMITTED. 



Agents' balances $4>2I3 34 

Bills receivable 280,61 1 92 



Total • 284,825 26 

Total assets (less items not admitted) $2,118,004 90 



V. LIABILITIES. 

Reinsurance reserve December 31, 1885, computed at fifty per cent. 

of premiums received on policies in force $678,419 10 

Death and disability losses in process of adjustment, 

or adjusted and not due 104,075 00 

Claims for losses resisted by the Company 52,200 00 

Total policy claims 156,275 00 

Amount due for salaries, rents, and office expenses 10,000 00 

Liabilities on policy-holders' account $844,694 10 

Gross surplus, including capital, on policy-holders' account . . 1,273,310 80 

Total liabilities . . .' $2,1 18,004 90 



VI. EXHIBIT OF POLICIES. 

Policies in force at end of previous year. 

Number. Amount. 

Accident policies 77,766 $198,527,051 



TRAVELERS INSURANCE COMPANY. 

New Policies issued during the year. 

Number. 
Accident policies 108,248 

Total number and amount 186,014 

Deduct policies ceased to be in force 1 10,904 

Total policies in force at end of the year 7 5, no 



57 



Amount. 
242,886,2 



$441,413,319 

248,028,611 

#193,384,708 



Policies ceased to be in force during the year. 

Number. Amount. 

By death 225 $386,400 

By expiry 1 10,679 247,642,21 1 

Total terminated 1 10,904 $248,028,61 1 



VII. BUSINESS IN CONNECTICUT DURING 1885. 

Number. Amount. 
Number and amount of policies in force in Connecticut 

December 31, 1884 2,314 $5,092,797 00 

Number and amount of policies issued during the year. . . 2,383 5,337,100 00 

Totals 4,697 $10,429,897 00 

Deduct number and amount ceased to be in force. . 3,029 6,160,217 00 



Total number and amount in force Dec. 31, 1885, 1,668 $4,269,68000 



Number. Amount. 

Number and amount of losses and claims on policies in- 
curred during the year 245 $9,762 24 

Number and amount of losses and claims on policies paid 

during the year 245 9,762 24 

Premiums collected 36,449 20 



Schedule A — Real Estate owned by the Company. 

In Illinois $20,282 66 

Indiana 78,646 20 

Stanstead, P. Q 2,400 00 

Expenses of foreclosures 515 65 

Total $101,844 5 1 

Deduct depreciation 20,944 5 1 

Valuation $80,900 00 



58 



TRAVELERS INSURANCE COMPANY. 



Schedule C — Loans on Collateral. 

Mort. on real estate, Dickinson Co., Kan. . 
The Uncompahgre Canal Co. bonds, Col. . 
The Del Norte, Col., Land & Canal Co.bds., 
Meriden Britannia Co. stock 

Totals $199,450 $286,800 



Par Value. 


Market Value. 


Amt. Loaned. 


$100,000 


$120,000 


$99,190 75 


50,000 


50,000 


50,000 OO 


27,000 


27,000 


25,000 OO 


22,450 


89,800 


12,000 OO 



(186,190 75 



Schedule E — Stocks and Bonds ozvned by the Company. 

Cost Value. . Par Value. Market Value. 



United States and State Bonds — 

United States 3 p. c loan of 1882. . $153,135 00 

\Yz V- c - re g-> 1891 • • 104,233 00 

Connecticut 5>6i4 66 

Tennessee 26,677 5° 

Virginia 15,109 50 

' " 3 p. c, 1900 1,600 50 

Municipal Bonds — 

Johnson County, 111 23,385 61 

Wayne " " 16,625 82 

White " " 8,060 44 

Rio Arriba " N. M 14,896 00 

Sch. Dist. No. 84, Cass Co., Dak. . 1,500 00 

Sch. Dist. No. I, Montrose Co., Col., 8,000 00 

Bloomfield, Conn., town 30,000 00 

Pitkin, Col., town 3,500 00 

Howard Township, Kan 20,441 43 

Paw Paw " " 6,813 50 

Elizabeth, N. J., city ... 9,593 33 

Lima, Ohio, city 15,980 00 

Railroad Bonds — 

Indianapolis & Cincinnati 13,160 00 

Chicago, Burlington & Quincy .... 3,000 00 

Columbus & Western 53,000 00 

Railroad Stocks — 

Chicago, Burlington & Quincy .... 122,927 25 

Illinois Central 51,156 25 

Pennsylvania 200,865 67 

Union Pacific 23,462 50 

Chicago, Mil. & St. Paul preferred, 8,543 75 

" " " common, 19,798 50 

Chicago & Northwestern preferred, 23,268 75 

Chicago & Alton .... 22,318 75 

Illinois Central 5,44° °° 

Bank Stocks — 

Farmers & Mech. Nat., Hartford. . 24,463 38 

American " " !3,782 50 

City •' " .. 4'.049 75 



$150,000 00 $156,375 00 
100,000 00 112,500 OO 



5,000 OO 
32,000 OO 
30,100 OO 

3,000 OO 

23,000 OO 
17,000 OO 

8,500 OO 
15,200 OO 

1,500 OO 

8,000 OO 
30,000 OO 

3,500 OO 
24,000 OO 

8,000 OO 
10,000 OO 
16,000 OO 

14,000 OO 

, 6,000 OO 

50,000 OO 

110,000 OO 
40,000 OO 

165,400 OO 
20,000 OO 
10,000 OO 
20,000 OO 
20,000 OO 
21,000 OO 
6,800 OO 

19,800 OO 
12,500 OO 

44,800 00 



5,100 OO 
16,640 OO 
12,943 00 

1,800 OO 

23,000 OO 

17,000 OO 
8,500 OO 

15,200 OO 
1,500 OO 
8,000 00 

30,000 OO 
3,500 OO 

24,000 OO 
8,000 OO 
3,900 OO 

16,000 OO 

14,700 OO 

5,760 OO 

50,000 OO 

150,700 OO 
55,600 OO 

178,632 OO 
11,000 OO 
12,300 OO 
19,000 OO 
27,000 OO 
29,400 OO 
6,392 OO 

20,394 OO 
18,000 OO 
27,776 OO 



TRAVELERS INSURANCE COMPANY. 



59 



Cost Value. 

Phoenix National, Hartford 53,787 50 

^Etna " " 26,451 87 

Mercantile " " 9,982 00 

Hartford " " 56,415 13 

New Britain National, New Britain, 11,500 00 

First National, Wallingford 29,025 00 

Nassau, New York 6,000 00 

Nat. Bank of Commerce, New York, 13,975 00 

St. Paul National, St. Paul, Minn. . 10,000 00 

First National, Morris, Minn ,16,640 00 

Hartford Trust Co., Hartford 43,620 15 

Miscellaneous — 

Western Union Telegraph Co. stk., 18,000 00 

Pullman Palace Car Co. bonds .... 20,092 50 

Grand River, Col., Ditch Co. bonds, 85^000 00 
North Poudre, Col., Land, Canal, 

and Reservoir Co. bonds 50,000 00 

Fort Morgan, Col., Land & Canal 

Co. bonds 82,000 00 

Del Norte, Col., Land & Canal Co. 

bonds 133,825 00 

Citizens,Col.,Ditch & Land Co. bds., 15,000 00 

Uncompahgre, Col., Canal Co. bds., 42,000 00 

Totals #1,814,717 49 



Par Value. 
36,900 OO 
21,300 OO 
10,000 OO 
35,000 OO 
10,000 OO 
30,000 OO 

5,000 OO 
10,000 OO 
10,000 OO 
11,600 OO 
45,000 OO 

20,000 OO 
19,000 OO 
45,000 OO 

50,000 OO 

82,000 OO 

83,000 OO 
10,000 OO 



Market Valua. 

5o,5S3 00 
24,495 °o 

9,500 OO 
56,000 OO 
15,000 00 
33,600 OO 

6,250 OO 
15,800 OO 
11,000 OO 
11,600 OO 
51,750 OO 

14,400 OO 
20,235 OO 
33,75o 00 

50,000 OO 

82,000 OO 

62,250 OO 
9,000 OO 



#1,578,900 00 #1,647,795 00 



ASSESSMENT COMPANIES 

OF CONNECTICUT. 



HARTFORD LIFE AND ANNUITY INSURANCE COMPANY. 63 

HARTFORD LIFE AND ANNUITY INSURANCE COMPANY, 

HARTFORD, CONN. 

Commenced Business, January, 1880. 

Frederick R. Foster, President. Stephen Ball, Secretary. 



ASSESSMENT DEPARTMENT. 

I. BALANCE SHEET. 
Amount of net or ledger assets December 31, 1884 $397,173 89 

II. INCOME DURING THE YEAR. 
Cash received for membership fees, without deduction 

for commissions or other expenses 

Cash received for annual dues 

Cash received for assessments 

Received for medical examiner's fees 

Cash received for accumulated fund 

For expense of collections 

For taxes 

Total paid by members $700,084 85 

Interest on funds and bonds, and dividends on stock, 

From all other sources 

Total income $713,021 83 



$62,683 


00 


129,662 


70 


416,185 


5i 


10,131 


00 


71,756 


21 


5.794 


60 


3,87i 


83 


! 

12,816 


62 


120 


36 



Total $1,110,195 7 2 

III. DISBURSEMENTS DURING THE YEAR. 

Cash paid for losses $487,665 oo 

Annual payments and assessments returned to mem- 
bers 5,oi6 34 

Total paid members $492,681 34 

Commissions and fees retained by or paid to agents 109,778 97 

Salaries and traveling expenses of managers of agencies, general, 

special, and local agents 5,9^9 51 

Medical examiners' fees, whether paid direct by members or other- 
wise 1 2,849 °° 

Salaries and other compensation of officers and other office employes, 21,290 59 

Taxes, licenses, and fees 6,743 24 

Dividend to stockholders 20,000 00 

Sundry items: Advertising, $1,345.67; rent, $982.50; blanks and 

printing, $8,505.87; postage, $5,282.89; miscellaneous, $6,142.30, 22,259 2 3 

Total expenses $198,890 54 

Total disbursements $691,571 88 



64 HARTFORD LIFE AND ANNUITY INSURANCE COMPANY. 

IV. ASSETS. 

AS PER LEDGER ACCOUNTS. 
Cost value of bonds and stocks owned absolutely, as 

per schedule D $5,207 75 

Cash deposited in banks on reserve fund account, 
deposited with Security Company, trustee of the 
funds of the Company's assessment department. . 403,618 44 

All other cash deposits, First National Bank 9»797 65 

Total net or ledger assets $418,623 84 

OTHER ASSETS. 

Due from members for claims not yet assured $23,503 84 

Mortuary assessments, not yet due 125,000 00 148,503 84 

Total assets $567,127 68 

V. LIABILITIES. 

Claims for death losses due and unpaid $8,000 00 

Claims for death losses reported, for which assessments have not been 

made 109,000 00 

Claims for death losses resisted 8,000 00 

Advanced assessments I 3,436 94 

Total liabilities $138,436 94 

VI. EXHIBIT OF CERTIFICATES. 

Number. Amount. 

In force at end of previous year 15,060 $40,429,000 00 

Issued during the year 6,005 16,673,000 00 

Total number and amount 21,065 $57,102,000 00 

Deduct certificates ceased to be in force 2,230 6,487,000 00 

In force December 31, 1885 18,835 $50,615,00000 

Certificates ceased to be in force during the year. 

Number. Amount. 

By death 184 $489,000 00 

By lapse 2,046 5,998,000 00 

Total terminated 2,230 $6,487,000 00 

VII. BUSINESS IN CONNECTICUT DURING 1885. 

Number. Amount. 
Number and amount of certificates in force in Connecticut, 

December 31, 1884 3> r 98 $6,260,500 00 

Number and amount of certificates issued during the year. 1,075 2,100,500 00 

Totals 4,273 $8,361,000 00 

Deduct number and amount ceased to be in force. . 331 654,500 00 

Total numbered amount in force Dec. 31, 1885, 3,94 2 $7,7°7»5 00 °° 



MUTUAL BENEFIT LIFE COMPANY. 



65 



Number and amount of losses on certificates in Connecticut 

unpaid at end of previous year 

Number and amount of losses incurred during the year. 
Number and amount of losses paid during the year. . . . 



Number. 
7 

37 
37 



Railroad Bonds — 

Erie Con. 1st mort. 7 p. c. 



Schedule D — Bonds owned by the Company. 

Cost Value. Par Value. 



$5,207 75 



4., 000 00 



Amount. 

17,000 OO 
63,100 OO 
68,100 OO 



Market Value. 

$5,207 75 



MUTUAL BENEFIT LIFE COMPANY, 

HARTFORD, CONN. 

Commenced Business, July, 1869. 

Alfred R. Goodrich, President. DeWitt J. Peek, Secretary. 



I. BALANCE SHEET. 
Amount of net or ledger assets December 31, 1884. . . 



1126,485 12 



II. INCOME DURING THE YEAR. 

Cash received for membership fees $6,867 3 1 

Cash received for dues 9,559 85 

For assessments 62,223 1 1 

For collections 686 30 

For security deposit fund 667 74 

For guarantee deposit fund 453 00 

For reserve fund 2,034 1 2 

For endowment fund of 1881 877 29 

For endowment fund of 1882 1, 160 88 

For endowment fund of 1883 131 46 

For endowment fund of 1884 228 90 

For endowment fund of 1885 353 65 

For interest. 636 41 

Total income 

Total 

5 



85,880 02 



£212,365 14 



66 



MUTUAL BENEFIT LIFE COMPANY. 



III. DISBURSEMENTS DURING THE YEAR. 

Cash paid for death and injury claims $63,919 61 

Commissions and fees retained by or paid to agents, 7>26i 15 

For postage 675 78 

For expenses, office, rent, and advertising 3> io 5 65 

For salaries, officers and employes S»37° 00 

For interest 71 58 

For profit and loss 1,000 00 

Total disbursements $81,403 77 

Balance $130,961 37 



IV. ASSETS. 

Loans on bond and mortgage $22,225 00 

Loans secured by collateral 4)670 00 

Advanced to assessment accounts 5,ioo 00 

Due from stockholders 86,000 00 

Cash in Company's office x >348 22 

Cash in bank 11,618 15 

Total assets $130,961 37 



V. LIABILITIES. 

Due security deposit fund $4>597 54 

Due guarantee deposit fund l»700 00 

Due mutual reserve fund 3>i8i 81 

Due endowment, 1881, fund 4>533 79 

1882, " 4,745 40 

1883, « 303 86 

1884, « 355 56 

1885, « 353 65 

Due assessment accounts 9>9 l 9 °° 

Due stockholders 14,000 00 

Liabilities 



3,690 61 



VI. EXHIBIT OF CERTIFICATES. 

Life Department. 

Number. Amount. 

Certificates in force December 31, 1884 2,796 $4,840,000 00 

Issued during the year 1885 953 1,901,000 00 

Totals 3,749 $6,741,000 00 

Number and amount ceased to be in force 948 1,838,000 00 

In force December 31, 1885 2,801 $4,903,00000 



MUTUAL BENEFIT LIFE COMPANY. 67 

Accident Department. 

Number. 

In force December 31, 1884 . 635 

Issued in year 1885 445 

Lapsed in year 1885 369 

In force December 31, 1885 711 

VII. BUSINESS IN CONNECTICUT. 

Life. 

Number. Amount. 
Number and amount of certificates in force in Connecticut 

December 31, 1884 516 $613,000 00 

Number and amount of certificates issued during the year. . 75 95,ooo 00 

Totals 591 $708,000 00 

Deduct number and amount which have ceased to be 

in force during the year 60 7 1,000 00 

Total number and amt. in force Dec. 31, 1885, 531 $637,000 00 

Accident. 

Number. 

Certificates in force December 31, 1884 66 

Issued during the year 51 

Total 117 

Lapsed in 1885 31 

In force December 31, 1885 86 



LIFE 



INSURANCE COMPANIES 



OF OTHER STATES. 



ABSTRACTS COMPILED FROM THEIR ANNUAL STATE- 
MENTS, SHOWING THEIR CONDITION ON THE 
31ST DAY OF DECEMBER, 1885. 



BERKSHIRE LIFE INSURANCE COMPANY. 71 



BERKSHIRE LIFE INSURANCE COMPANY, 

PITTSFIELD, MASS. 

Commenced Business, September, 1851. 

William R. Plunkett, President. James W. Hull, Secretary. 

Attorney in Connecticut, Insurance Commissioner. 



I. CAPITAL. 



Amount of capital paid up in cash $25,500 00 

Amount of net or ledger assets December 31, 1884 $3,601,446 95 

Increase from contingent liabilities 295 29 

$3,601,742 24 



II. INCOME DURING THE YEAR. 

Cash received for premiums without 

deduction for commissions or other 

expenses $622,849 J r 

Premium nptes, loans, or liens taken in 

part payment for premiums 41,891 28 

Premiums paid by surrendered policies, 7,563 20 

Premiums on new business, $203,- 

181.77; on old, $469,121.82. 

Total $672,303 59 

Deduct premium paid for reinsurance, 3,189 02 

Total premium income $669,1 14 57 

Interest on mortgage loans 127,547 16 

Interest on bonds owned, and dividends on stock. . 2 7> I 53 73 

Interest on premium notes, loans, or liens 7>999 7 2 

Interest on other debts due the Company 6,526 02 

Discount on claims paid in advance 1,652 37 

Rents for use of company's property 17,736 70 

Profit on bonds and stocks sold , 973 50 

Total income 858,703 77 

Total $4,460,446 01 



72 BERKSHIRE LIFE INSURANCE COMPANY. 

III. DISBURSEMENTS DURING THE YEAR. 

Cash paid for losses and additions .... $180,448 29 

Premium notes used in payment of 

same 3,044 33 

Cash paid for matured endowments 

and additions 138,510 67 

Premium notes used in payment of 

same 5»°9 2 33 

Total amount actually paid for losses 

and matured endowments #327,095 62 

Cash paid for surrendered policies 183,995 °9 

Premium notes used in purchase of same and voided 

by lapse 15.334 98 

Cash surrender values applied in payment of pre- 
miums 7,563 20 

Cash dividends paid to policy-holders 99,844 92 

Total paid policy-holders $633,833 81 

Commissions to agents 65,609 07 

Dividends to stockholders 1.785 00 

Salaries and traveling expenses of managers of 

agencies, and general, special, and local agents. . 20,041 17 

Medical examiners' fees 6,359 50 

Salaries and other compensation of officers and other 
office employes 21,295 7 2 

State and local taxes in State where organized, 
$5>7 5-77; taxes, licenses, fines, and fees in other 
States, $7,336.68; total 13,042 45 

Rent 5,084 22 

Advertising 4,773 45 

Miscellaneous expenses 16,654 61 

Total disbursements $788,479 00 

Balance $3,671,967 01 

IV. ASSETS. 

AS PER LEDGER ACCOUNTS. 

Real estate unencumbered, as per Schedule A $454,400 60 

Loans on bonds and mortgages (first liens) 2,189,032 25 

Loans secured by pledge of bonds, stocks, or other 

marketable collaterals, as per Schedule C 216,299 00 

Premium notes, loans, or liens on policies in force. . 142,455 24 
Cost value of bonds and stocks owned absolutely, as 

per Schedule E 567,645 25 

Cash in Company's office 337 01 

Cash deposited in banks 87,404 51 

Agents' ledger balances 14,105 65 

Rents accrued 287 50 

Total net or ledger assets $3,671,967 01 

Deduct depreciation from cost of real estate 9,580 80 

Total net or ledger assets, less depreciation $3,662,386 21 



BERKSHIRE LIFE INSURANCE COMPANY. 73 

OTHER ASSETS. 

Interest due and accrued on bond and mortgage loans 32,129 57 

Interest due and accrued on bonds and stocks 2,588 ,54 

Interest due and accrued on collateral loans 673 83 

Interest accrued on premium notes, loans, or liens 4,672 43 

Market value of bonds and stocks over cost, as per Schedule E 43,274 75 

Gross premiums due and unreported on policies in 

force December 31, 1885 • • : #45,577 94 

Gross deferred premiums on policies in force De- 
cember 31, 1885 30,357 33 

Total #75,935 27 

Deduct the loading on above gross amount 15,187 05 

60,748 22 

Total #3,810,273 55 



ITEM NOT ADMITTED. 

Agents' balances 14,105 65 

Total assets (less item not admitted) #3,796,167 90 

V. LIABILITIES, 

Net present value of all the outstanding policies in 
force, December 31, 1885, computed according to 
the Actuaries' or Combined Experience Table of 
Mortality, with four per cent, compound interest, #3,325,640 00 

Deduct net value of risks reinsured 15,264 00 

#3»3 10 >376 00 
Claims for death losses and matured endowments in 

process of adjustment, or adjusted and not due. . #24,700 00 

Claims for death loss resisted by the Company 3,000 00 

Total policy claims 27,700 00 

Unpaid dividends of surplus, or other profits due policy-holders. ... 2,518 05 

Premiums paid in advance I 4, 2 35 40 

Sundry ledger credits 3,l8o 71 

Liabilities on policy-holders' account , #3,358,010 16 

Gross surplus, including capital, on policy-holders' account. . 438,157 74 

Total liabilities ... #3,796,167 90 

VI. PREMIUM NOTE ACCOUNT. 

Premium notes, loans, or liens on hand December 

31, 1884 #141,898 18 

Received during the year 41,891 28 

Tota l #183,789 46 



74 BERKSHIRE LIFE INSURANCE COMPANY. 

Deductions during the year. 
Notes, loans, or liens used in payment of losses and 

claims #8, 1 36 66 

Notes, loans, or liens used in purchase of surrendered 

policies, and void by lapse I 5>334 98 

Notes, loans or liens redeemed by makers in cash. . 17,862 58 

Total reduction of premium note account 41,334 22 

Balance note assets at the end of the year $142,455 24 



VII. EXHIBIT OF POLICIES. 

Policies and Additions in force at the end of the previous year. 

Number. Amount. 

Whole life policies 3,206 $7,876,724 00 

Endowment policies 3,01 1 6,084,814 00 

All other policies '. 517 934,950 00 

Reversionary additions .... 1 13,818 00 

New Policies issued during the year. 

Number. Amount. 

Whole life policies 919 2,078,126 00 

Endowment policies 501 1,329,615 00 

Old Policies revived during the year. 

Number. Amount. 

Whole life policies 27 70,000 00 

Endowment policies 23 28,000 00 

Policies extended by Act of 1861. 

Number. Amount. 

All other policies 55 1 16,450 00 

Policies extended under Act of 1880. 

Number. Amount. 

Whole life policies 35 3P9 1 °° 

Endowment policies 23 4,026 00 

Additions by dividends. 

Number. Amount. 

Reversionary additions .... 194,784 00 

Total number and amount 8,317 $18,834,398 00 

Deduct policies ceased to be in force 1,230 2,625,084 00 

Total policies in force at the end of the year. . 7,087 $16,209,314 00 



BERKSHIRE LIFE INSURANCE COMPANY. 



75 



Policies ceased to be in force during the year. 

Number. Amount. 

By death 86 #181,81000 

By maturity (end) 88 143,603 00 

By expiry (term) 93 155,900 00 

By surrender 213 619,777 00 

By lapse 375 763,794 00 

By change (decrease) .... 7,000 00 

By transfer 15 24,500 00 

By not taken 360 728,700 00 

Total terminated 1,230 #2,625,084 00 

VIII. BUSINESS IN CONNECTICUT DURING 1885. 

Number. Amount. 
Number and amount of policies in force in Connecticut 

December 31, 1884 75 #130,216 00 

Number and amount of policies issued during the year. ... 75 100,000 00 

Totals 150 #230,21600 

Deduct number and amount ceased to be in force. . 30 32,117 00 

Total number and amount in force Dec. 31, 1885, 120 #198,099 00 

Number and amount of losses and claims on policies in- 
curred during the year None. 

Number and amount of claims paid in year None. 

Premiums collected in cash during the year 4,422 57 

Schedule A — Real Estate owned by the Company. 

In Massachusetts #221,109 4 1 

Indiana 229,246 24 

Philadelphia, Penn 4,044 95 

Total #454,400 60 

Less assumed depreciation 9,580 80 

Total #444,819 80 

Schedule C — Loans on Collateral. 

Par Value. Market Value. Amt. Loaned. 

Boston & Albany R. R. 6 p. c. bonds #1 10,000 #126,500 •* 

Boston & Maine R. R. 7 p. c. bonds 50,000 55,000 f # l6o > 000 °° 

Boston & Albany R. R. stock 2,700 4,806 2,700 00 

Boston & Albany R. R. stock 5,ooo 8,900 5,000 00 

Stockbridge & Pittsfield R. R. stock 2,100 2,520 -> 

Third National Bank of Springfield stock . . 5,000 8,500/ '' * 

Boston & Albany R. R. stock 7,000 1 2,460 -\ 

Pittsfield National Bank stock 3,000 4,650 L 13,500 00 

Stockbridge & Pittsfield R. R. stock 1,600 1,920 J 

Pittsfield Coal Gas Co. stock 6,400 9,600 7,000 00 

Pittsfield National Bank stock. . . 1,500 2,325 1,52500 



76 



BERKSHIRE LIFE INSURANCE COMPANY. 



Par Value. Mar. Value. 



Third National Bank of Pittsfield stock . 

Agricultural National Bank stock 

Pittsfield 
Agricultural 
Third 
Third 
Third 

Agricultural 
Agricultural 
Third 
Third 

United States 4^ p\ c. bonds 
" 4 p. c. bonds . . 

Totals 



1,000 

600 

600 

1,000 

1,000 

1,500 

500 

700 

1,700 

500 

2,000 
1,000 
7,000 



1,250 
1,440-^ 
930 J 
2,400 
1,250 

1,875 

625 

1,880 

4,280 -J 

625 C 
2,500 
1,110-. 

8,610/ 



Amt. Loaned. 
I,000 OO 

1,650 OO 

1,600 OO 
1,000 OO 
1,500 00 
500 00 
1,000 OO 

2,700 00 

2,000 00 

8,000 OO 



'.13,400 $265,956 $216,299 OO 



Schedule E — Stocks and Bonds owned by the Company. 

Cost Value. Par Value. Market Value. 



United States Bonds — 

United States 4 p. c. reg $250,000 00 

United States 3 p. c. reg 25,000 00 

Premium paid on same 38,095 25 

Bank Stocks — 

•Pittsfield National 5 I ,55° 00 

Adams " 31,250 00 

Agricultural " 60,000 00 

Miscellaneous — 

North Adams (Mass.) water bonds, 20,000 00 

Berkshire County (Mass.) loan. . . 36,750 00 

Pittsfield (Mass.) Town loan 5,000 00 

" " Fire Dist. bonds, 50,000 00 

Totals $567,645 25 



$250,000 OO 
25,000 OO 



38,000 OO 
25,000 OO 
30,000 OO 

20,000 OO 

35,000 00 

5,000 OO 

50,000 OO 



,500 OO 
25,250 OO 



58,900 00 
36,250 OO 
72,000 OO 

21,320 OO 

38,500 OO 

5,000 00 

50,000 OO 



,000 00 $614,720 OO 



EQUITABLE LIFE ASSURANCE SOCIETY. 77 



EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED STATES, 

NEW YORK CITY. 

Commenced Business, July 28, 1859. 

Henry B. Hyde, President. William ALEXANDER^&^r^ary. 

Attorney in Connecticut, Insurance Commissioner. 



I. CAPITAL. 

Capital stock paid up in cash $100,000 00 

Amount of net or ledger assets December 31, 1884 #55>537>7 2 ° 66 



II. INCOME DURING THE YEAR. 

Cash received for premiums without 

deduction for commissions or other 

expenses $13,303,361 32 

On new business, $3,710,724.59; on 

dd, $9,592,636.73. 
Cash received for annuities 159,685 03 

Total $13,463,046 35 

Deduct amount paid to other com- 
panies for reinsurance on policies in 
this Company 1 ,367 13 

Total premium income $13,461,679 22 

Interest on mortgage loans 705,469 34 

Interest on bonds owned, and dividends on stock.. 1,891,955 94 
Rents for use of Company's property 530,948 63 

Total income $16,590,053 13 

Total $72,127,773 79 

III. DISBURSEMENTS DURING THE YEAR. 

Cash paid for losses and additions . . . .$4,071,039 92 
Cash paid for matured endowments 

and additions 369,193 91 

Total amount actually paid for losses and 

matured endowments $4,440,233 83 



78 EQUITABLE LIFE ASSURANCE SOCIETY. 

Cash paid to annuitants 91,579 76 

Cash paid for surrendered policies 866,705 65 

Dividends paid to policy-holders and applied in 

payment of premiums 1,740,169 81 

Total paid policy-holders $7,138,689 05 

Dividends to stockholders 7,000 00 

Commissions to agents 1,133,281 77 

Salaries and traveling expenses of managers of 

agencies, and agents 93,029 84 

Medical examiners' fees 126,221 49 

Salaries and other compensation of officers and other 

office employes 303,848 33 

Taxes, licenses, fines, and fees 165,169 84 

Rent 1 16,733 22 

Commuting commissions'. I 75i57° 67 

Advertising 93)967 95 

Items : Printing, stationery, clerical and law ex- 
penses, postage and sundry other expenditures.. 686,747 78 

Total disbursements $10,040,259 94 

Balance $62,087,513 85 

IV. ASSETS. 

AS PER LEDGER ACCOUNTS. 

Book value of real estate unencumbered, as per 

Schedule A $12,616,067 92 

Loans on bond and mortgage (first liens) 16,588,332 91 

Loans secured by pledge of bonds, stocks, or other 

marketable collaterals, as per Schedule C 1,420,475 00 

Book value of bonds and stocks owned absolutely, 

as per Schedule E ' 25,910,245 97 

Cash in Company's office, and in course of trans- 
mission, since received 792,315 05 

Cash deposited in banks 4,085,763 76 

Agents' ledger balances 168,289 27 

Commuted commissions 506,023 97 

Total net or ledger assets $62,087,513 85 

OTHER ASSETS. 

Interest due and accrued on bond and mortgage loans and all other 

securities 533»°94 7° 

Rents due and accrued on Company's property, or leases 81,51691 

Market value of bonds and stocks over book value, as per Schedule E, 2,193,864 03 
Gross premiums due and unreported on policies in 

force December 31, 1885 396,344 00 

Gross deferred premiums on policies in force De- 
cember 31, 1885. 1,261,054 00 

Total $ I >657,398 00 

Deduct the loading on above gross amount. . 331,480 00 

Net amount of uncollected and deferred premiums 1,325,918 00 

Total assets. . , $66,221,907 50 



EQUITABLE LIFE ASSURANCE SOCIETY. 



79 



ITEMS NOT ADMITTED. 

Commuted commissions 

Agents' balances 

Total 

Total assets (less items not admitted) 



506,023 97 

168,289 27 

#674,313 24 

;,547.-594 26 



V. LIABILITIES. 

Net present value of all the outstanding policies in force December 
31, 1885, computed according to trie Actuaries' or Combined Ex- 
perience Table of Mortality, with four per cent, compound interest, #52,263,723 00 

Death losses due and unpaid #92,750 00 

Matured endowments due and unpaid 17,270 10 

Death losses and matured endowments in process of 

adjustment or adjusted and not due 224,890 00 

Death losses resisted by the Company 15,000 00 

Total policy claims . . . 349,910 10 

Amount of all unpaid dividends of surplus, or other profits due 

policy-holders 92,504 00 

Amount of any other liability of the Company 48,45 1 00 

Liabilities on policy-holders' account #52,754,588 10 

Gross surplus, including capital, on policy-holders' account. . 12,793,006 16 

Total liabilities $65,547,594 26 

Estimated surplus accrued on tontine or other 
policies, the profits upon which are especially 
reserved for that class of policies #8,716,700 00 

Surplus accrued on all other policies 4,076,306 16 



VI. EXHIBIT OF POLICIES. 

Policies in force at the end of previous year. 

Number. 

Whole life policies 73,244 

Endowment policies 9,5 14 

All other policies 941 

Reversionary additions . .... 

Nezv policies issued during the year. 

Number. 

Whole life policies 19,645 

Endowment policies 3>3 2 3 

All other policies 287 

Old policies revived during the year. 

Number. 

Whole life policies 591 

Endowment policies 105 

All other policies 17 



Amount. 

#267,559,412 

34,561,245 

2,177,788 

5,IIO,726 



Amount. 
77,327,648 
I3.030.3I * 
802,085 



Amount. 
2,655,620 
412,870 
74,000 



80 EQUITABLE LIFE ASSURANCE SOCIETY. 

Additions by Dividends. 

Number. Amount. 

Reversionary additions .... 1,708,844 

Total number and amount 107,667 405,420,549 

Deduct policies ceased to be in force 1 1,795 48,082,303 

Total policies in force at the end of the year . . 95,872 $357, 338,246 

Policies ceased to be in force during the year. 

Number. Amount. 

By death , 1,067 $4,272,271 

By maturity (end) 143 372,585 

By expiry (term) 52 195.975 

By surrender 1,310 5,628,576 

By lapse 6,223 21,976,033 

By not taken 3,ooo 15,636,863 

Total terminated 1 1,795 $48,082,303 

VII. BUSINESS IN CONNECTICUT DURING 1*185. 

Number. Amount. 
Number and amount of policies in force in Connecticut 

December 31, 1884 1,109 $3,355,563 

Number and amount of policies issued during the year. . . . 300 846,610 

Totals 1,409 $4,202,173 

Deduct number and amount ceased to be in force. . 291 742,425 

Total number and amount in force Dec. 31, 1885, 1,118 $3,459,748 

Number. Amount. 
Number and amount of losses unpaid of previous year. ..." 1 $1,000 00 
Number and amount of losses and claims on policies in- 
curred during the year .... 17 76,360 00 

Totals 18 $77,360 00 

Number and amount of losses and claims on policies paid 

during the year 17 75,360 00 

Premiums collected 24,292 22 

Schedule A — Real Estate owned by the Company. 

In New York City $594,966 42 

Brooklyn 593.334 48 

Elsewhere in New York 61 1,814 14 

New Jersey 1,676,923 20 

Missouri 14,090 18 

Illinois 21,714 08 

Office buildings, New York, Boston, St. Louis, 

and Paris 9,103,225 42 

Total cost $12,616,067 92 



EQUITABLE LIFE ASSURANCE SOCIETY. 



81 



Schedule C — Loans on Collateral. 



Par Value. 

United States bonds $5,ooo 

New York Central R. R. stock 10,000 

United States Trust Co. stock 3,ooo 

Trust Company certificates 1,000,000 

Jersey Central adjustment bonds 600 

Missouri Pacific R. R. stock 50,000 

St. Paul, Minn. & Manitoba consol. bonds, 5,coo 

Mercantile Trust Co. stock " 5,000 

Pittsburgh & Western 1st mort. bonds 306,000 

Northern Pacific land grant bond 5,000 

Wabash collateral certificates 70,000 

Illinois & Southern Iowa 1st mort. bonds. . 19,500 

North Western Tel. Co. 1st mort. bonds. . . 20,000 

Pitts., Bradford & Buffalo consol. 1st m. bds, 80,000 

W., St. Louis & P. Gen. mort. bonds 200,000 

Grand Tower & Carbondale 1st mort. bds, 180,000 

Pittsburgh & Northern 1st mort bonds. . . . 300,000 

International & Great Northern 65,1909.. 5,ooo 

Totals $2,264,100 



Market Value. Amt. Loaned 
#5>°25 -J 
IO,6oo 

14.55° 

1,000,000 

642 

55>°°° 

5,850 

7,5oo 

247,500 

5,700 J" #M20,475 00 

70,000 

i7,55o 

21,000 

64,000 

110,000 

180,000 

150,000 

4,150 J 



$1,969,667 $1,420,475 00 



Schedule E — Stocks and Bonds owned by the Company. 

Book Value. Par Value. Market Value. 



United States Bonds — 

United States $2,571,437 00 

Municipal and State Bonds — 

Louisville City 4 p. c 286,500 00 

Virginia io-40's 14,898 19 

Mississippi 4 p. c 9,959 °° 

St. Louis City 6 p. c 107,625 00 

Fort Wayne 6 p. c 77,288 00 

Newark City 6 p. c 267,500 00 

Sharon Town 7 p. c 10,500 00 

Seneca Town 7 p. c 18,000 00 

Kearney City 7 p. c 10,000 00 

Jersey City 5 p. c 40,000 00 

Railroad Bonds — 

Pennsylvania 4^ p. c 974,^75 00 

West Shore 4 p. c. guaranteed. . . 2,687,500 00 

Erie 7 p. c 588,349 00 

Erie 6 p. c 517,500 00 

Albany & Susquehanna 6 p. c. . . . 552,500 00 

Hannibal & St. Joseph 6 p. c. . . . 568,721 00 

Chicago, Bur. & Quincy 5 p. c. . . 294,597 00 

Northwest 7 p. c 498,170 00 

Northwest 6 p. c 209,500 00 

Northwest sinking fund 5 p. c. . . . 508,906 00 
6 



$2,260,000 00 $2,666,650 00 



300,000 00 
41,162 00 
10,000 00 

100,000 00 
75,000 00 

250,000 00 
10,500 00 
18,000 00 
10,000 00 
50,000 00 

1,000,000 00 
2,687,500 00 
500,000 00 
500,000 00 
500,000 00 
500,000 00 
300,000 00 
400,000 00 
200,000 00 
500,000 00 



292,500 00 
12,824 00 
10,200. 00 

116,000 00 
86,250 00 

290,000 00 
10,868 00 
18,900 00 
10,350 00 
50,625 00 

1,035,000 00 
2,795,000 00 
640,000 00 
522,500 00 
590,000 00 
592,500 00 
321,000 00 
558,000 00 
233,500 00 
550,000 00 



82 



EQUITABLE LIFE ASSURANCE SOCIETY. 



Book Value. Par Value. Market Value. 

Northwest Debenture 5 p. c 275,979 00 300,000 00 312,000 00 

Northwest Tomah Div. 6 p. c. . . 213,233 00 200,000 00 236,000 00 

Fremont, Elkhorn & M. V. 6p. c, 108,510 00 100,000 00 118,000 00 

St. Paul, Chi. &Pac.W. D. 5 p. c., 383,971 00 400,000 00 420,500 00 

St. Paul, Chi. & Pac. Div. 6 p. c., 257,750 00 250,000 00 302,500 00 

St. Paul, Wis. & Minn. Div. 5 p. c, 98,014 00 100,000 00 104,250 00 

St. Paul, Dubuque Div., 6 p. c. . . 282,325 00 250,000 00 287,500 00 

St. Paul, Mineral Point Div., 5 p.c, 54,06500 55,00000 56,10000 

St. Paul, Lake Sup. Div., 5 p. c. . 9>7 2 5 °° 10,000 00 10,550 00 

Fargo & Southern 6 p. c 281,250 00 250,000 00 287,500 00 

Manitoba 6 p. c 318,407 00 300,000 00 351,000 00 

Omaha 6 p. c 309,156 00 300,000 00 316,500 00 

Michigan Central 5 p. c 97, io 9 00 100,000 00 107,500 00 

Troy & Boston 7 p. c 190,000 00 228,000 00 193,800 00 

Delaware & Hudson Can. 7 p. c, 63,575 °° 55j°°° °° 75,35° °° 

Kansas Pacific 6 p. c 62,844 °° 60,000 00 60,000 00 

Kan. City & North'n R. E. 7 p. c, 124,300 00 113,000 00 124,300 00 

Missouri Pacific 6 p. c 492,584 00 500,000 00 540,000 00 

Internat'l & Gt. Northern 6 p. c. . 277,500 00 250,000 00 290,000 00 

Iron Mountain 1st m. 7 p. c 11,542 00 10,000 00 11,650 00 

Iron Mountain 2d m. 7 p. c 30,637 00 30,000 00 33,600 00 

Iron Mountain 5 p. c 212,929 00 270,000 00 245,700 00 

Cairo & Fulton 7 p. c 210,061 00 195,000 00 218,400 00 

Memphis & Lit. Rock pref. 8 p. c, 56,243 00 56,000 00 68,686 00 

Missouri, Kan. & Texas 7 p. c. . . 212,141 00 200,000 00 231,000 00 

Morris & Essex 7 p. c 503,181 00 425,000 00 553,562 00 

Morris & Essex construction 7 p.c, 61,375 00 50,000 00 63,750 00 

New Jersey Cen. convert. 7 p. c. . 233,645 00 217,000 00 238,700 00 

New Jersey Cen. consol. 7 p. c. . 261,270 00 237,000 00 2 53,590 00 

New Jersey Cen. adjustm't 7 p. c, 53,47* 00 50,000 co 54,^00 00 

Rock Island 5 p. c 209,500 00 200,000 00 217,000 00 

Atchison & Pike's Peak 6 p. c. . . 205,045 00 196,000 00 211,680 00 

Louisville & Nashville 6 p. c. . . . 189,950 00 200,000 00 200,000 00 

Northern Pacific 6 p. c 210,000 00 200,000 00 229,000 00 

Cleve., Col., Cin. & Ind. 7 p. c. . 598,250 00 500,000 00 615,000 00 

Cleve., Col., Cin. & Ind. 6 p. c. . 52,567 00 50,000 00 52,750 00 

Chicago & Eastern Illinois 6 p. c, 52,308 00 50,000 00 56,000 00 

Kalamazoo & White Pigeon 7 p.c, 64,424 00 58,000 00 62,640 00 

Canada Southern 5 p. c 627,612 00 751,000 00 638,350 00 

Tol., Ann Arbor & Gd. Tk. 6 p. c, 90,000 00 100,000 00 100,000 00 

Watertown & Rome 6 p. c, 438,585 00 417,700 00 513,771 00 

Cen. Park, N. & E- River 7 p. c. . 57,500 00 50,000 00 61,000 00 

Indianapolis & St. Louis 7 p. c. . . 171,625 00 150,000 00 171,000 00 

Alton & Terre Haute 7 p. c . 153,329 00 150,000 00 158,100 00 

Peoria & Pekin Union 6 p. c 149,892 00 150,000 00 165,000 00 

Cin., Ind., St. Louis & Chi. 6 p.c, 38,066 00 36,000 00 38,520 00 

Cedar Falls & Minnesota 7 p. c. . 128,762 00 115,000 00 133,400 00 

Minnesota & St. Louis 7 p. c 110,000 00 100,000 00 115,000 00 

N. Y., Lack. & Western 5 p. c. . . 96,556 00 100,000 00 106,000 00 



G-ERMANIA LIFE INSURANCE COMPANY. 



83 



Book Value. Par Value. Market Value, 

Evansville & Terre Haute 6 p. c. 29,762 00 28,000 00 32,200 00 

Metropolitan Elevated 6 p. c 56,351 00 50,000 00 58,750 00 

Railroad Stocks — 

New York Central 398,881 00 400,000 00 426,000 00 

Morris & Essex 109,010 00 100,000 00 133,500 00 

New York, Lack. & Western 181,149 00 210,000 00 211,575 00 

Delaware & Hudson Canal 441,374 68 460,000 00 445,625 00 

Illinois Central 453,673 00 350,000 00 490,000 00 

Alton & Terre Haute]preferred. . 114,61900 120,00000 103,20000 

Illinois Central Leased Line 40,800 00 51,000 00 46,410 00 

Chicago & North^Western pref. . . 272,517 00 200,000 00 273,500 00 

Pennsylvania 176,416 10 154,550 00 169,232 00 

Northern Central 116,195 00 100,000 00 134,000 00 

Rock Island 225,840 00 200,000 00 260,500 00 

St. Paul preferred 124,818 00 115,000 00 143,750 00 

Fort Wayne and Jackson preferred, 58,832 00 65,000 00 61,262 00 

Miscellaneous — 

West Union 7 p. c. bonds 1,106,359 °° 1,000,000 00 1,226,000 00 

Mutual Union 6 p. c. bonds 122,078 00 140,000 00 110,950 00 

Mercantile Trust Co. stock 1,323,908 00 1,288,500 00 1,984,290 00 

Gold & Stock Telegraph stock. . . 79,297 00 100,000 00 90,000 00 

Western Union Telegraph stock. . 273,278 00 400,000 00 296,000 00 

Totals #25,910,245 97 $24,878,912 00 $28,104,1 10 00 



GERMANIA LIFE INSURANCE COMPANY, 

NEW YORK CITY. 

Commenced Business, July 16, i860. 

Hugo Wesendonck, President. Cornelius Doremus, Secretary. 

Attorney in Connecticut, Insurance Commissioner. 



I. CAPITAL. 

Capital stock paid up in cash $200,000 00 

Amount of net or ledger assets December 31, 1884 •• • • •■• $!0,468,352 40 

II. INCOME DURING THE YEAR. 

Cash received for premiums without 

deductions for commissions or other 

expenses $1,599,144 01 

Cash received for annuities 15,748 12 

Premiums on new business, $195,- 

132.45; on old, $1,411,352.27. 

Total $1,614,892 13 



84 GERMANIA LIFE INSURANCE COMPANY. 

Interest on mortgage loans 321,496 82 

Interest on bonds owned, and dividends on stock. . 167,917 65 

Interest on loans made to policy-holders 8,153 08 

Interest on other debts due the Company 4,029 07 

Discount on claims paid in advance 4,365 41 

Rents for use of Company's property. 55,178 14 

Policy fees 635 33 

Total income $2,176,667 6^ 

Total $12,645,020 12 

III. DISBURSEMENTS DURING THE YEAR. 

Cash paid for losses and additions... $689,825 26 
Cash paid for matured endowments 

and additions 250,072 96 

Total amount actually paid for 

losses and matured endowments $939,898 22 

Cash paid to annuitants , 10,042 00 

Cash paid for surrendered policies and additions .. . 136,978 "18 
Cash surrender values, applied in payment of 

premiums 8,736 44 

Cash paid for dividends to policy-holders 204,87 1 50 

Total paid policy-holders $1,300,526 34 

Dividends to stockholders 24,000 00 

Commissions to agents 193,891 45 

Salaries, and traveling expenses of managers of 

agencies, and general, special, and local agents. . . 49,888 92 

Medical examiners' fees 14,634 77 

Salaries and other compensation of officers and other 

office employes ' 65,819 50 

Taxes, licenses, fines, and fees 9,483 50 

Rent 2,235 00 

Commuting commissions 2,618 68 

Furniture and fixtures and safes for home and agency 

offices 25 81 

Advertising and printing 13,094 35 

Sundry items : Stationery, postage, express, exchange, 

law, and other expenses 18,184 2 5 

Total disbursements $1,694,402 57 

Balance $10,950,617 55 

. IV. ASSETS. 

AS PER LEDGER ACCOUNTS. 

Real estate, less encumbrances, as per Schedule A. . $1,132,323 06 

Loans on bond and mortgage (first liens) 5,739,363 19 

Loans made in cash to policy-holders, on this Com- 
pany's policies assigned as collateral 145,966 59 



GERMANIA LIFE INSURANCE COMPANY. 85 

Cost value of bonds and stocks owned absolutely, 

as per Schedule E 3)645,529 42 

Cash in Company's office 57871 

Cash in transit (since received) 45,972 81 

Cash deposited in banks, and with the Bavarian 

government 240,373 77 

Atlantic Mutual Insurance Company's certificates. . 510 00 

Total net or ledger assets $10,950,617 55 

Deduct depreciation from cost of real estate 54,454 79 

Total net or ledger assets, less depreciation $10,896,162 76 



OTHER ASSETS. 

Interest due and accrued on bond and mortgage loans 40,252 99 

Interest accrued on bonds and stocks 20,514 99 

Rents due and accrued on Company's property or leases 7» I2 5 IO 

Market value of bonds and stocks over cost, as per Schedule E . . . . 282,862 83 

Gross premiums due and unreported on policies in 

force December 31, 1885 $66,530 21 

Gross deferred premiums on policies in force De- 
cember 31, 1885 231,553 84 

Total $298,084 05 

Deduct the loading on above gross amount. . 59, 61 6 81 

Net amount of uncollected and deferred premiums 238,467 24 

Total assets $11,485,385 91 



V. LIABILITIES. 

Net present value of all the outstanding policies in force on the 31st 
day of December, 1885, computed according to the Actuaries' or 
Combined Experience Table of Mortality, with four per cent, 
interest $10,321,730 00 

Death losses due and unpaid $8,109 81 

Matured endowments due and unpaid 9,988 79 

Death losses in process of adjustment, or adjusted 

and not due 136,062 05 

Death losses and other policy claims resisted by the 

Company 28,887 68 

Total policy claims 183,048 33 

Unpaid dividends of surplus, or other profits due policy-holders. . . . 43,147 93 

Amount of any other liability of the Company, viz.: Extra reserve 
for absolute war and world policies, and policies lapsed, liable to 
be surrendered, and premiums received in advance 34,728 00 

Liabilities on policy-holders' account $10,582,654 26 

Gross surplus, including capital, on policy-holders' account. . 902,731 65 

Total liabilities $11,485,385 91 



86 GERMANIA LIFE INSURANCE COMPANY. 

VI. PREMIUM NOTE ACCOUNT. 

Premium notes, loans, or liens None. 

VII. EXHIBIT OF POLICIES. 

Policies and Additions in force at the end of the previous year. 

Number. Amount. 

Whole life policies 12,876 $24,055,294 00 

Endowment policies 9,H7 13,613,190 00 

All other policies 507 1,285.857 06 

New Policies issued during the year. 

Number. Amount. 

Whole life policies 320 725,673 00 

Endowment policies 2,435 3*785,838 00 

All other policies 92 281,074 00 

Old Policies revived during the year. 

Number. Amount. 

Whole life policies 5 5,408 00 

Endowment policies 8 12,950 00 

Old Policies increased during the year. 

Number. Amount. 

Whole life policies 7 1 5,529 00 

Endowment policies 3 .... 

Additions by dividends. 

Number. Amount. 

Whole life policies .... 44,4°7 00 

Endowment policies . .... IS,^? °° 

Total number and amount 25,370 $43,840,357 00 

Deduct policies ceased to be in force i»949 3,860,372 00 

Policies in force at end of the year 23,421 $39,979,985 00 

Industrial policies 16,774 1,836,609 00 

Grand total 40,195 $41,816,594 00 , 

Policies ceased to be in force during the year. 

Number. Amount. 

By death 372 $717,77300 

By maturity (end.) 152 249,1 19 00 

By expiry (term.) 16 8,619 00 

By surrender 462 1,081,839 00 

By lapse 640 1,141,035 00 

By change, decrease and transfer 10 37,976 00 

By not taken 297 624,01 1 00 

Total 'terminated 1,949 $3,860,372 00 



GERMANIA LIFE INSURANCE COMPANY. 



87 



VIII. BUSINESS IN CONNECTICUT DURING 188 

Number. 
Number and amount of policies in force in Connecticut, 

December 31, 1884 66 

Number and amount of policies issued during the year.. . . 21 

Totals 

Deduct policies ceased to be in force 

Total number and amount in force Dec. 31, 1 1 
Industrial business 



87 
IS 



Amount. 

§153,158 OO 
26,628 OO 

§179,786 OO 
19,000 OO 



Number and amount of losses and claims on policies paid 
December 31, 1884 

Number and amount of losses and claims on policies in 
curred during the year 

Industrial policies 



Totals 



Number and amount of losses and claims on policies paid 

during the year 

Premiums collected in cash, $9,156.44; industrial, $50.50 



Schedule A — Real Estate owned by the Company. 

In New York City $677,658 81 

Brooklyn .... 168,082 12 

New Jersey 14,239 42 

Berlin, Germany 2 73»377 93 



72 


$160,786 OO 


II 


1,250 OO 


Number. 
I 


Amount. 


3 


3>°3° 85 


6 


8,173 81 


2 


154 00 


11 


$11,358 66 


Number. 
I 


Amount. 


II 


11,358 66 


D 


9,206 94 



Total $I,I33»358 28 

Less depreciation 55,490 01 

Total $1,077,868 27 



Schedule E — Stocks and Bonds owned by 
Cost Value. 

United States and State Bonds — 
United States reg. 4 p. c . . 
" " 4^p. c 

Mississippi 4 p. c, 1890 

Virginia funding 3 p. c, 1932. . . . 
Municipal Stocks and Bonds — 
N. Y. City dock 7 p. c. bds., 1901, 
New York City parks improvement 

fund 7 p. c. stock, 1902 

New York City water 7 p. c. stock, 

1902 

Brooklyn permanent water loan 1 

coup. 6 p. c. bonds, 1886. ... I 
Brooklyn permanent water loan 

coup. 6 p. c. bonds, 1891 . . . . 
Brooklyn permanent water loan 

coup. 6 p.c. bonds, 1899. ... J 



J $1,077,613 94 

7,500 OO 
12,945 00 

53,000 00 

5 I >575 00 
25,815 OO 

14,118 75 



the Company. 
Par Value. 

228,000 OO 

807,000 OO 

10,000 OO 

26,900 OO 

50,000 OO 

50,000 OO 

25,000 OO 

2,000 OO 

1,000 OO 

12,000 OO 



Market Value. 

$280,725 OO 

908,883 75 

8,500 OO 

16,543 5° 

67,500 OO 
68,000 OO 

34,125 00 
2,020 OO 

1,097 50 

14,400 OO 



88 



GERMANIA LIFE INSURANCE COMPANY. 



Brooklyn permanent water loan I 



coup. 7 p. c. bonds, 1904. . . . 



Brooklyn permanent water loan 1 
coup. 7 p.c. bonds, 1910. ... J 

Brooklyn Prospect Park loan! 
coup, andreg. 7 p.c.bds.,1915, { 

Brooklyn Prospect Park loan 
reg. 7 p. c. bonds, 1918 .... 

Newark, N. J , city 6 p. c. bonds, 
1908 

Newark, N. J., city aqueduct board 

7 p. c. bonds, 1905 

Railroad Bonds — 

Atchison, Topeka & Santa Fe 1st 
mort. 7 p. c. gold, 1899 

Baltimore & Ohio (Parkersburg 
branch) 6 p. c, 1919 . . .' 

Baltimore & Ohio (Pittsburgh div- 
ision) 5 p. c. gold, 1925 

Central Park, N. & E. River Horse 
1st con. mort. 7 p. c, 1902. . . . 

Chicago & Alton sinking fund 6 
p. c. gold, 1903 

Chicago & Alton (La. & Missouri 
River) 1st mort. 7 p. c, 1900. . 

Chicago & Alton (St. Louis, Jack. 
& Chic.) 1st m. 7 p. c, 1894. . . 

Chicago, Milwaukee & St. Paul 
(Chic. & Mil.) 1st m. 7 p.c, 1903, 

Chicago, Milwaukee & St. Paul 
(Prairie du Chien) 1 m.8 p.c, '98, 

Chic, Mil. & St. Paul (St. P. & C, 
Riv.div.) I m. conv.7 p. e.g., 1902, 

Chicago & Northwestern con. mort. 
sinking fund 7 p. c cur., 19 15, 

Chicago & Northwestern (Meno- 
minee ex.) 1st m. 7 p.c. g., 191 1, 

Chicago & Northwestern (Meno- 
minee Riv.) 1st m. 7 p e.g. ,1906, 

Chicago & Northwestern (Minn. 
Valley) 1st mort. 7 p. c, 1908. . 

Chicago & Northwestern (N. W. 
Union) 1st m. 7 p. c. g., 1917. . 

Chicago & Northwestern (Plain- 
view) 1st mort. 7 p. c, 1908. . . 

Chicago & Northwestern (Roch. & 
N. Minn.) 1st m. 7 p.c, 1908. . 

Chicago, Rock Island & Pacific 
(Chic& S.W.) 1 m.7 p.cg.,1899, 



Cost Value. 
32,908 IO 

114,143 63 

11,700 OO 
32,600 OO 

24,480 OO 

4,655 00 

50,750 OO 

39,085 OO 

18,018 75 

13,505 00 

7,oi8 75 

64,187 50 

42,615 OO 

50,050 OO 

163,937 5° 

22,275 °° 

4,860 OO 

2,430 60 
195,691 25 

1,215 00 

3,645 00 

20,740 OO 



Par Value. 

3,000 OO 

25,000 OO 

104,000 OO 

3,000 OO 

10,000 OO 

25,000 OO 

20,000 OO 

4,000 OO 

50,000 OO 

32,000 OO 

15,000 OO 

11,000 OO 

6,000 OO 

50,000 OO 

32,000 OO 

40,000 OO 

125,000 OO 

18,000 OO 

4,000 OO 

2,000 OO 

154,000 OO 

1,000 OO 

3,000 OO 

17,000 OO 



Market Value. 

4,147 50 

36,500 OO 

I57,3 o 00 

4,612 50 

11,700 OO 
32,000 OO 

24,600 OO 
4,800 OO 
53,875 00 
39,280 OO 
18,225 OO 
13,530 OO 
7,080 OO 
65,125 OO 
43,520 OO 
52,100 OO 

173,437 50 

22,275 00 
4,860 OO 
2,430 OO 
200,200 OO 
1,215 00 
3,645 00 

20,740 OO 



GERMANIA LIFE INSURANCE COMPANY. 

Cost Value. Par Value. 

Chicago, Rock Island & Pacific 

(ex. and col.) 5 p. c, 1934 26,187 50 25,000 00 

Chic, St. Louis & Pitts. (Cin. & 

Chic.Air Line)istm.7p.c.,i890, 48,93750 45,00000 

C, St. P., M. & Omaha (C, St.P. & 

Minneap.) 1 m. 6 p. c. g., 1918, 33,422 50 29,000 00 

C, St. P., Minneap. & Omaha (No. 

Wis.) 1st mort. 6 p. c, 1930. . . 20,700 00 18,000 00 

C, St. P., M. & Omaha (St. P. & 

Sioux City) I m. 6 p. e.g., 1919, 122,000 00 100,000 00 
Cin., Ham. & Dayton (Dayton & 

Mich.) 3d mort. 7 p. c., 1888. . 18,248 75 17,000 00 

Delaware & Hudson Canal (Penn. 

div.) 1st mort. 7 p. c, 1917 44.187 50 35,ooq 00 

Del. & Hud. Canal (Albany & Sus. 

div.) 1st con. mort. 7 p. c, 1906, 123,000 00 100,000 00 
Dubuque & Sioux City (2d div.) 

1st mort. 7 p. c , 1894 8,032 50 7,000 00 

Hannibal & St. Joseph con. mort. 

6 p. c, 1911 17,53125 15,00000 

Illinois Central (Chic, St. Louis & 

New Orleans) 1 m. 7 p. c, 1897, 22,978 75 19,000 00 

Illinois Cen. (Chic, St. L. & N. O.) 

town lien, 1st m. 7 p. c, 1897. . 6,056 25 5,000 00 
Illinois Central (Chicago & Spring- 
field) 6 p. c, 1898 1 1,507 50 10,000 00 

Lake Shore & Michigan Southern 

con. 1st mort. s. f. 7 p. c, 1900, 60,812 50 50,000 00 

Lake Shore & Michigan Southern 

con. 2d gen. mort. 7 p. c, 1903, 59.637 50 50,000 00 

Little Miami (Dayton & Western) 

1st mort. 6 p. c, 1905 5,525 00 5,000 00 

Long Island (main line) sinking 

fund 1st mort. 7 p. c, 1898. . . . 1,206 25 1,000 00 

Michigan Central (Detroit & Bay 

City) 1st mort. 5 p. c, 1931 .... 24,360 00 24,000 00 

Michigan Central (Mich. Central) 

con. (now 1st) 7 p. c, 1902. . . . 64,500 00 50,000 00 

Missouri Pacific (Pacific of Mo.) 

1st mort. 6 p. c gold, 1888. . . . 82,993 75 80,000 00 

N. Y. Central & Hudson Riv. ] 

1st mort. coup. 7 p. c, 1903. I 40,000 00 

N. Y. Central & Hudson Riv. {" * 93,887 5° 

1st mort. reg. 7 p. c, 1903. . 1 110,000 00 

N. Y., L. E. & Western 1st con. 

mort. 7 p. c gold, 1920 271,612 50 213,000 00 

N. Pacific Terminal Co. of Oregon, 

1st mort. 6 p. c, gold, 1933. . . . 51,250 00 50,000 00 



89 

Market Value. 
27,625 OO 

48,937 5P 
35.887 50 
22,320 OO 
124,000 OO 
18,020 OO 

47,075 00 

129,000 OO 

8,032 50 
17,775 00 

29,760 OO 

11,900 OO 
64,500 OO 

59.875 00 

5,525 00 
1,230 OO 
25,800 OO 
63,250 00 
84,800 OO 
55,000 OO 

146,437 50 

272,640 OO 
51,250 OO 



90 HOME LIFE INSUKANCE COMPANY. 

Cost Value. Par Value. Market Value- 

St. P., Minn. & Man. (Dak. Ext), 

ist mort. 6 p. c. gold, 1910. . . . 135,187 50 125,000 00 146,875 00 
Second Ave. H. R. R. Co. con. 

mort. 7 p. c, 1888 6,405 00 6,000 00 6,315 00 

Union Pacific ist mort. 6 p. c. gold, 

1896-99 22,283 75 21,000 00 24,570 00 

Railroad Stocks — 

Forty-second St., Man. & St. N. 

Ave. Horse R. R. Co 5,000 00 1,000 00 

Totals l3» 6 45 »5 2 9 42 #3,220,900 00 #3,928,392 25 



HOME LIFE INSURANCE COMPANY, 

BROOKLYN, N. Y. 

Commenced Business, May 1, i860. 

George C. Ripley, President, Joseph P. Holbrook, Secretary. 

Attorney in Connecticut, Insurance Commissioner. 



I. CAPITAL. 

Capital stock paid up in cash #125,000 

Amountof net or ledger assets December 31, 1884 #5,1315675 15 

. II. INCOME DURING THE YEAR. 

Cash received for premiums without 
deduction for commissions or other 

expenses #479,418 93 

Premium notes, loans, or liens taken 

in part payment for premiums 120,819 40 

Premiums on new business, #94,- 

734.96; on old, #505,503.37. 

Total premium income . . . #600,238 2>3> 

Interest on mortgage loans "> r RtS 8 

Interest on bonds owned, and dividends on stock. . / 

Interest on premium notes, loans, or liens 39>°5 2 41 

Rents for use of Company's property M47 39 

Total income #836,257 02 

Total #5.967,932 17 



HOME LIFE INSURANCE COMPANY. 91 

III. DISBURSEMENTS DURING THE YEAR. 

Cash paid for losses and additions. . . $213,517 82 
Premium notes, loans, or liens used in 

payment of same 13,870 18 

Cash paid for matured endowments 

and additions 97,673 80 

Premium notes, loans, or liens used in 

payment of same 12,635 2 ° 



Total amount actually paid for losses and 

matured endowments $337, 697 00 

Cash paid to annuitants 438 24 

Cash paid for surrendered policies 35,935 4° 

Premium notes, loans, or liens used in purchase of 

surrendered policies, and void by lapse 23,032 01 

Cash dividends paid to policy-holders 43,631 06 

Premium notes, loans, or liens used in payment of 

dividends to policy-holders 71 ,304 So 

Total paid policy-holders.... $512,038.51 

Dividends to stockholders 15,000 00 

Commissions to agents 69,121 06 

Salaries and traveling expenses of managers of 

agencies, general, special, and local agents 34,817 80 

Medical examiners' fees 5,015 00 

Salaries and other compensation of officers and 

other office employes 34, 701 34 

Taxes, licenses, fines, and fees 6,029 9 2 

Rent 1 1,064 36 

Advertising 4,627 93 

Printing, postage, stationery, law, and office expenses, 5,°3 2 2 ° 

Total disbursements 697,448 12 



Balance $5 ,270,484 05 

IV. ASSETS. 

AS PER LEDGER ACCOUNTS. 

Real estate unencumbered as per Schedule A $208,367 61 

Loans on bond and mortgage (first liens) 1,096,400 00 

Loans secured by pledge of bonds, stocks, or other 

marketable collaterals as per Schedule C 616,200 00 

Premium notes, loans, or liens on policies in force. . 669,146 25 
Cost value of bonds and stocks owned absolutely, as 

per Schedule E . . . 2,595,252 47 

Cash in Company's office -. 

Cash deposited in banks J ' °' ' "^ 

Agents' ledger balances 5,245 78 

Total net or ledger assets $5,270,484 05 



92 HOME LIFE INSURANCE COMPANY. 

OTHER ASSETS. 

Interest due and accrued on bond and mortgage loans 4,070 58 

Interest accrued on bonds and stocks 29,91 1 67 

Interest accrued on collateral loans 2,289 22 

Rents due on Company's property I ,39S 52 

Market value of bonds and stocks over cost, as per Schedule E. . . . 242,797 53 

Gross premiums due and unreported on policies in 

force December 31, 1885 #90.875 88 

Gross deferred premiums on policies in force Decem- 
ber 31, 1885 35.092 75 

Total • $125,968 63 

Deduct the loading on above gross amount. . 25,193 73 « 

Net amount of uncollected and deferred premiums 100,774 90 

Total assets #5,65 1,723 47 

ITEM NOT ADMITTED. 
Agents' balances 5»245 78 



Total assets (less item not admitted) $5,646,477 69 

V. LIABILITIES. 

Net present value of all the outstanding policies in force December 
31, 1885, computed according to the Actuaries' or Combined Ex- 
perience Table of Mortality, with four per cent, compound interest, $4,308,047 00 

Death losses in process of adjustment, or adjusted and not due 30,000 00 

Unpaid dividends of.surplus, or other profits due palicy-holders . . . . 20,178 34 

Premiums paid in advance I )°57 81 



Liabilities on policy-holders' account $4>359) 2 83 15 

Gross surplus, including capital, on policy-holders' account. . 1,287,194 54 
Total liabilities $5,646,477 69 

VI. PREMIUM NOTE ACCOUNT. 

Premium notes, loans, or liens on hand December 

31, 1884 $689,086 83 

Received during the year 120,819 40 

Total $809,906 23 

Deductions during the year. 

Notes, loans, or liens used in payment of losses and 

claims 26,505 38 

Notes, loans, or liens used in purchase of surrendered 

policies and void by lapse 23,032 01 

Notes, loans, or liens used in payment of dividends 

to policy-holders 71,304 80 

Notes, loans, or liens redeemed by maker in cash. . I 9,9 I 9 79 

Total reduction of premium note account 140,759 98 

Balance note assets at the end of the year $669,146 25 



HOME LIFE INSURANCE COMPANY. 93 

VII. EXHIBIT OF POLICIES. 

Policies and Additions in force at the end of the previous year. 

Number. Amount. 

Whole lifepolicies 6,685 #12,833,232 

Endowment policies 2,276 4,095,974 

All other policies .■ 7 Annuity. 

Reversionary additions .... 28,389 

New Policies issued during the year. 

Number. Amount. 

Whole life policies 686 1,375,198 

Endowment policies 729 1,369,156 

Old Policies revived during the year. 

Number. Amount. 

Whole life policies 11 21,000 

Endowment policies 15 20,500 

Old policies increased during the year. 

Number. Amount. 

Whole life policies .... 39. 

Additions by dividends. 

Number. Amount. 

Reversionary additions .... 5,678 

Total number and amount 10,409 #19,749,166 

Deduct policies ceased to be in force 962 1,929,750 

Total policies in force at the end of the year. . 9,447 #17,819,416 

Policies ceased to be in force dtiring the year. 

Number. Amount. 

By death 122 #227,388 

By maturity (end) 64 1 10,309 

By surrender , 411 904,803 

By lapse 243 387,75 

By change and decrease . • .... 25,500 

By not taken 122 274,000 

Total terminated 962 #1,929,750 

VIII. BUSINESS IN CONNECTICUT DURING 1885. 

Number. Amount. 
Number and amount of policies in force in Connecticut 

December 31, 1884 334 #576,278 

Number and amount of policies issued during the year .... 9 15,728 

Totals 343 #592,006 

Deduct number and amount ceased to be in force. . 22 36,360 

Total number and amount in force Dec. 31, 1885, 321 #555,646 



94 



HOME LIFE INSURANCE COMPANY. 



Number and amount of losses and claims on policies in- 
curred during the year 1 1 

Amount of claims paid during the year 1 1 

Premiums collected in cash, #12,523.57; notes or credits, #2,843.55, 

Schedule A — Real Estate owned by the Company. 

In New York City #162,400 00 

New York, out of city 38,933 49 

New Jersey 7,034 *2 

Total cost value #208,367 61 



21,660 00 
21,660 00 
IS.367 12 



Schedule C — Loans on Collateral. 



Par Value. 

Nassau National Bank stock #2,500 

Union Trust Co. stock. 13,000 

Brooklyn City R. R. stock 1,000 

Brooklyn Gas Light Co. stock 2,025 

Union Ferry Co. stock 500 

Long Island Safe Deposit Co. stock 1,000 

Consolidated Gas Co. of New York stock, 14,300 

Cleveland & Pittsburgh R. R. stock '. 5,000 

Fulton Municipal Gas Co. stock 10,000 

New York Mutual Gas Light Co. stock. . 3,000 

Long Island Bank stock 1,500 

Nassau National Bank stock 2,000 

Broadway Insurance Co. stock 1,100 

Brooklyn Bank stock 1 >9S° 

American Loan & Trust Co. stock 3, 000 

Metropolitan Gas Light Co., Brooklyn, stk, 700 

Second Avenue R. R. Co. stock 2,500 

Fulton Municipal Gas Co. stock 3,000 

Belt R. R. Co. stock 1,300 

Susp. Bdg. & Erie June. R. R. 1st m. bds, 20,000 

Laf., Bloom'n & Muncie R. R.ist. m. g. bds, 15,000 

Houston & Texas R. R. 1st m. bonds. . . . 20,000 

Can. Southern R. R. 1st m. bonds, 1908, 5,000 

American Exchange National Bank stock, 5, 000 

Consolidated Gas Co. stock 6,000 

Standard Fire Insurance Co. stock 1,000 

Soldiers Bounty Fund of 1888, State of 

New York, bond 

Pennsylvania Coal Co. stock 

International Ocean Tel. Co. stock 

National Bank of Commerce stock 

Erie consolidated 6 p. c. bonds 

Metropolitan National Bank stock 

E. Tenn., Va. & Ga. con. 1st m. bonds. . 175,000 

D., M. & Mar. R. R. land grant bonds. . 50,000 

Funded cou. E. Tenn., Va. & Ga. R.R. bds, 17,500 



Market Value 
#4,875 OO 
44,200 OO 
2,000 OO " 

2,551 50 

675 OO 
800 OO 

14,300 OO 
7,250 OO 

15,000 OO 
3,900 OO 
1,650 OO 
3,900 op 
1,177 00 
2,340 OO 
3,150 OO 
658 OO 
5,000 OO 
4,500 OO 
1,430 OO 

18,000 OO "I 

11,250 OO ! 

17,800 OO 1 

S.^o °° J 
' 6,450 OO 
6,000 00 •* 
950 OO ) 



5,000 5,000 OO 

10,000 21,000 OO -k 

10,000 10,000 OO > 

1,300 2,015 °° * 

8,000 7,040 OO 

110,000 30,800 OO "1 



Amt. Loaned. 

#2,000 OO 

#30,000 OO 



13,000 OO 

1,000 OO 
9,000 OO 



21,000 OO 



119,000 OO 



10,000 OO 
9,100 00 J 



40,000 00 

3,200 00 
4,000 00 

3,500 00 

15,000 00 

3,000 00 

106,500 00 



HOME LIFE INSURANCE COMPANY. 



95 



[- 265,000 00 



Par Value. Market Value. Amt. Loaned. 

Lehigh & W. Coal Co. 7 p. c. income bds, 14,000 9,800 00 "j 

N. Y., L. E. & W. R. R. com. stock 80,000 18,400 00 

Northern Pacific R. R. common stock. . . 290,000 72,500 00 

Oregon & Transatlantic Co. stock 200,000 56,000 00 

L. E., W. & St. L. ex. 7 p. c. bds, 1890. . . 2,000 2,000 00 

Decatur Ex. St. Louis s. f. bonds, 1889.. . 10,000 10,000 00 

Great Western R. R. 1st m. 7 p. c. bonds, 10,000 11,000 00 

Wab. & West'n R. R. 2d m. ex. bds, 1893, 14,000 14,000 00 

Tol. & Wabash R. R. 2d m. ex. bds, 1893, 1,000 1,000 00 

Great West'n R. R. 2d m. 7 p. c. bonds. . 3,000 3,000 00 

Toledo, Peoria & Western R. R. bonds. . . 10,000 9,000 00 

N. Y. Cen. & Hudson River R. R. stock, 140,000 140,000 00 

N. Y., L. E. & W. 2d m. consol. bonds. . 19,000 16,720 00 

Phil. & Reading gen. m. bonds, 1908 80,000 56,000 00 J 

Rens. & Saratoga R. R 40,000 64,000 00 ] 

Central Trust Co 10,000 32,000 00 ( 

Albany & Susquehanna R. R 10,000 13,500 00 f 

Brooklyn Trust Co 11,250 23,062 5° J 

Totals $1,472,425 $950,894 00 $616,200 00 



100,000 00 



Schedule E — Stocks and Bonds owned by. the Company. 

Cost Value. Par Value. Market Valua. 

United States Bonds — 

United States reg $1,480,433 72 $1,350,000 00 $1,600,000 00 

Municipal Bonds — 

Kings County 100,800 00 100,000 00 104,000 00. 

Brooklyn City 329,57250 328,00000 459,20000 

Railroad Bonds — 

N. Y., Chicago & St. Louis 197,412 50 200,000 00 190,000 00 

N. Y., L. E. & Western 97,083 75 101,000 00 90,900 00 

Albany & Susquehanna 224,000 00 200,000 00 224,000 00 

N. Y., Lackawanna & Western.. 97, 500 00 100,000 00 100,000 00 

Oswego & Syracuse 38,950 00 38,000 00 38,950 00 

Miscellaneous — 

Central Trust Co., N. Y., stock... 29,500 00 10,000 00 31,000 00 

Totals $2,595,252 47 $2,427,000 00 $2,838,050 00 



96 HOMOEOPATHIC MUTUAL LIFE INSURANCE COMPANY. 



HOMEOPATHIC MUTUAL LIFE INSURANCE COMPANY, 

NEW YORK CITY. 

Commenced Business, July 1 8, 1868. 

Edwin M. Kellogg, President, Frank B. Mayhew, Secretary. 

Attorney in Connecticut, INSURANCE COMMISSIONER. 



I. CAPITAL. 

Capital stock paid up in cash. $100,000 00 

Amount of ledger assets December 31, 1884 $604,739 52 



II. INCOME DURING THE YEAR. 

Cash received for premiums without 
deductions for commissions or other 

expenses $188,963 73 

Deduct amount paid to other com- 
panies for reinsurance of policies 

in this Company 137 99 

Premiums on new business, $112,- 
564.15; on old, $76,399.60. 

Total premium income $188,825 76 

Interest on mortgage loans 8,824 42 

Interest on bonds owned, and dividends on stock. . 14,860 95 

Interest on loans on policies 351 48 

Interest on other debts due the Company 4*38° 73 

Rents for use of Company's property 907 21 

Profits on bonds or stocks actually sold 24,572 05 

Total income 242,722 60 

Total $847,462 12 

III. DISBURSEMENTS DURING THE YEAR. 

Cash paid for losses and additions . . . $54,030 50 
Cash paid for matured endowments 

and additions 7>669 00 

Total amount actually paid for losses and 

matured endowments. $61,699 50 

Cash paid for surrendered policies 64,547 59 



HOM(EPATHIC MUTUAL LIFE INSURANCE COMPANY. 97 

Cash dividends paid to policy-holders and applied in 

payment of premiums S> 2 3^ 9 2 

Total paid policy-holders $131,48401 

Dividends to stockholders 7> 2 5° °° 

Commissions to agents 8,857 44 

Salaries and traveling expenses of managers of 

agencies, general, special, and local agents 79>7°5 2 7 

Medical examiners' fees 9,030 08 

Salaries and other compensation of officers and other 

office employes T 3>°53 85 

State and local taxes in State where organized, 
$45.23 ; taxes, licenses, fines, and fees in other 
States, $1,204.24 i, 2 49 47 

Rent S,3i8 32 

Advertising 1,821 15 

Printing and supplies 6,846 22 

Postage and exchange, $3,318.31 ; JaAv expenses, 
$991.90; expense account, $16,178.96; real 
estate expenses, $16 50 2 0,5o5 67 

Total disbursements 285,121 48 



Balance $562,340 64 

IV. ASSETS. 

AS PER LEDGER ACCOUNTS. 

Real estate unencumbered as per Schedule A $88,700 00 

Loans on bond and mortgage (first liens) 164,400 00 

Loans secured by pledge of bonds, stocks, or other 

marketable collaterals, as per Schedule C 12,950 00 

Loans made in cash to policy-holders, on this Com- 
pany's policies, assigned as collateral 3)030 34 

Cost value of bonds and stocks owned absolutely as 

per Schedule E 279,932 98 

Cash in Company's office 398 69 

Cash deposited in banks 10,794 9 2 

Office furniture and fixtures 742 34 

Agents' ledger balances I >39 1 37 

Total net or ledger assets $562,340 64 

OTHER ASSETS. 

Interest due and accrued on bond and mortgage loans. l>75o 83 

Interest accrued on stocks and bonds 8,058 32 

Interest accrued on collateral loans 388 50 

Interest accrued on loans to policy-holders 65 00 

Rents due on Company's property or leases 265 00 

Market value of bonds and stocks over cost, as per Schedule E. . . . 10,797 02 
7 



98 HOMCEOPATHIC MUTUAL LIFE INSURANCE COMPANY. 

Gross premiums due and unreported on policies in 

force December 31, 1885 $31,721 34 

Gross deferred premiums on policies in force Decem- 
ber 31, 1885 121,089 *5 

Total $152,810 49 

Deduct the loading on above gross amount, 30,562 10 

Net amount of uncollected and deferred premiums. . . 122,248 39 

Total assets #705,913 70 

ITEMS NOT ADMITTED. 

Agents' balances $1,391 37 

Office furniture and fixtures 742 34 

Total 2 ) I 33 7 1 

Total assets (less items not admitted) #703,779 99 



V. LIABILITIES. 

Net present value of all the outstanding policies in 
force December 31, 1885, computed according to 
the Actuaries' or Combined Experience Table of 
Mortality, with four per cent, compound interest . . 

Deduct net value of risks of this Company reinsured 

in other solvent companies 

Net reinsurance reserve 

Claims for death losses due and unpaid 

Claims for matured endowments due and unpaid . . . 
Total policy claims. 



509 00 
5,165 00 



$1,048 00 
1,059 °° 



Equity reserve against lapsed policies which may be restored 

Liabilities on policy-holders' account 

Gross surplus, including capital, on policy-holders' account. 

Total liabilities 



344 00 



2,107 °° 
1,200 00 



333,651 00 
70,128 99 



#703,779 99 



VI. PREMIUM NOTE ACCOUNT. 
Premium notes, loans, or liens 



None. 



VII. EXHIBIT OF POLICIES. 

Policies and Additions in force at the end of the previous year. 

Number. Amount. 

Whole life policies 17,271 $3,447,975 00 

Endowment policies 583 330,642 00 

All other policies 142 292,493 00 



HOMEOPATHIC MUTUAL LIFE INSURANCE COMPANY. 99 

New Policies issued during the year. 

Number. Amount. 

Whole life policies -. 27,995 3,140,626 00 

Endowment policies 2,536 328,132 00 

All other policies ■. 28 51,662 00 

Old Policies revived during the year. 

Number. Amount. 

Whole life policies 34 1 1,000 00 

Endowment policies 1 3, 000 00 

Additions by Dividends. 

Number. Amount. 

Whole life policies ....-» 

Endowment policies .... J '" 

Total number and amount 48,590 $7,616,906 00 

Deduct policies ceased to be in force 15,253 2,041,330 00 

Total policies in force at the end of the year . . 33,337 $5)575,576 00 

Policies ceased to be in force during the year. 

Number. Amount. 

By death 232 $39,404 00 

By maturity (end) 10 6,532 00 

By expiry (term) 33 86,084 00 

By surrender. . 324 174,721 00 

By lapse 14,407 1,701,699 00 

By change and decrease 4 400 00 

By not taken 243 32,490 00 

Total terminated I 5, 2 53 $2,041,330 00 

VIII. BUSINESS IN CONNECTICUT DURING 1885. 

Number. Amount. 
Number and amount of policies in force in Connecticut, 

December 31, 1884 652 $285,144 00 

Number and amount of policies issued during the year. . . . 1,832 207,444 00 

Totals 2,484 $492,588 00 

Deduct number and amount ceased to be in force . . 851 154,702 00 

Total number and amount in force Dec.31, 1885, 1,633 $337,886 00 

Number. Amount. 

Number and amount of losses and claims on policies in- 
curred during the year 13 $2,200 00 

Number and amount of losses and claims on policies paid 

during the year , 13 2,200 00 

Premiums collected in cash 14,900 86 



100 HOMCEOPATHIC MUTUAL LIFE INSURANCE COMPANY. 

Schedule A — Real Estate owned by the Company. 

In New York $76,500 00 

New Jersey 12,200 00 

Total $88,700 00 



Schedule C — Loans on Collateral. 



Fifth National Bank, New York, stock . 
Farragut Fire Ins. Co., " " . 

Adams Express Co., " " . 

Niagara Fire Ins. Co., " " . 

E. B'dway, Dry Dock & Bat. R. R. Co. stk 

Second Avenue R. R. Co. bonds 

Bleecker St. & Fulton Ferry R. R. Co. bds. 

Totals 



Par Value. 


Market Value. 


Amt. Loaned. 


3,3°0 


5,940 OO 


4,800 


I,000 


1,050 OO 


650 


1,300 


1,300 OO-i 




650 


812 50 L 


3,000 


1,000 


2,250 00 J 




1,000 


1,050 OO 


5°0 


5,000 


5,650 OO 


4,000 



$13,250 $18,052 50 



$12,950 



Schedule E — Stocks and Bonds ozvned by the Company. 

Cost Value. Par Value. Market Value. 



United States Bonds — 

United States 3 p. c. consols 

Municipal Bonds — 

West Farms 7pc -» 

Morisania 7 p. c / 

Railroad Bonds — 

DryD'k,E.B'wy&Bat.,N.Y.7 p. c, 
South Ferry, N. Y. City, 7 p. c. . 
42dSt.,Man.&St.N.Ave.,N.Y.City, 

Railroad Stocks — 

Second Avenue, New York City, 
Eighth Avenue, New York City, 
DryD'k,E.B'way&Bat.,N.Y.,6p.c, 

Miscellaneous — 

Dry D'k, E. B'dway and Bat. R. R. 
Co., N. Y. City, 6 p. c. scrip. . . 

Totals 



50,000 00 



3,500 00 



52,000 00 



3,745 00 



52,000 OO 



8,000 00 10,125 00 * 6,450 00 

2,000 00 2,000 -00 2,400 OO 

11,000 00 n,i47 98 12,100 OO 

20,000 00 22,200 00 22,600 OO 

60,000 00 123,620 00 126,000 OO 

9,000 00 24,965 00 25,200 OO 

13,500 00 30, r 3o 00 ZO,\Tp 00 



3,850 OO 



$177,000 00 $279,932 98 $290,730 OO 



JOHN HANCOCK MUTUAL LIFE INSURANCE COMPANY. 101 



JOHN HANCOCK MUTUAL LIFE INSURANCE COMPANY, 

BOSTON, MASS. 

Commenced Business, December 27, 1862. 

Stephen H. Rhodes, President. Geo. B. Woodward, Secretary. 

Attorney in Connecticut, Insurance Commissioner. 



I. CAPITAL. 

No capital stock. 

Amount of net or ledger assets December 31, 1884 $2,505,529 44 



II. INCOME DURING THE YEAR. 

Cash received for premiums without 
deduction for commissions or other 
expenses , $596,580 80 

Premium notes, loans, or liens taken 

in part payment for premiums ... . * 0,3 15 64 

Premiums paid by dividends, includ- 
ing reconverted additions, $36,- 
010.71 ; by surrendered policies, 
$4,786.22 40,796 93 

Total $647,693 37 

Deduct amount paid to other com- 
panies for reinsurance of policies 
in this Company 550 34 

Total premium income $647,143 03 

Interest on mortgage loans 80,47 1 47 

Interest on bonds owned, and dividends on stock . . 51,486 96 

Interest on premium notes, loans, or liens 8,030 55 

Interest on other debts due the Company 4,228 23 

Discount on claims paid in advance 489 58 

Rents 1,337 07 

Profit on bonds and stocks sold I 3, I 3° 9 2 

Total income 806,317 81 

Total $3,3"> 8 47 25 



102 JOHN HANCOCK MUTUAL LIFE INSURANCE COMPANY. 

III. DISBURSEMENTS DURING THE YEAR. 

Cash paid for losses and additions... $218,011 64 
Premium notes, loans, or liens used in 

payment of same 3> 2 54 45 

Cash paid for matured endowments 

and additions 81,510 40 

Premium notes, loans, or liens used in 

payment of same 2,972 63 

Total amount actually paid for 

losses and matured endowments $3°5>749 I2 

Cash paid to annuitants 344 63 

Cash paid for surrendered policies 25,145 04 

Premium notes, loans, or liens used in purchase of 

surrendered policies and voided by lapse. 7,333 36 

Cash surrender values, including reconverted addi- 
tions, applied in payment of premiums 5>°79 7 2 

Cash dividends paid to policy-holders and applied in 
payment of premiums 38,965 5 1 

Premium notes, loans, or liens used in payment of 

dividends to policy-holders 6,629 °3 

Total paid policy-holders $389,246 41 

Commissions to agents 141,641 16 

Salaries and traveling expenses of managers of 

agencies, general, special and local agents 62,817 02 

Medical examiners' fees 20,374 21 

Salaries and other compensation of officers and other 

office employes 30,100 55 

Taxes, licenses, fines, and fees 10,857 51 

Rent 13,838 07 

Furniture and fixtures and safes for home and agency 

offices 569 63 

Advertising 7,378 00 

Stationery, $2,057.97 ; printing, $3,889.41 ; travel- 
ing, $1,158.42; postage, $2,087.73; law, $3,564.38; 
incidental, $14,859.51 27,617 42 

Total disbursements $704,439 



Balance $2,607,407 27 



IV. ASSETS. 

AS PER LEDGER ACCOUNTS. 

Real estate unencumbered, as per Schedule A $33,844 61 

Loans on bond and mortgage (first liens) 1,452,806 08 

Loans secured by pledge of bonds, stocks, or other 

marketable collaterals, as per Schedule C 20,800 00 

Loans made in cash to policy-holders on this Com- 
pany's policies assigned as collateral 31,192 00 



JOHN HANCOCK MUTUAL LIFE INSURANCE COMPANY. 103 

Premium notes, loans, or liens on policies in force. . 124,909 03 
Cost value of bonds and stocks owned absolutely, as 

per Schedule E 876,487 84 

Gash in Company's office *,884 77 

Cash deposited in banks 60,841 92 

Bills receivable 270 10 

Agents' ledger balances 2,370 92 

Commuted commissions 2,000 00 



Total net or ledger assets $2,607,407 27 



OTHER ASSETS. 

Interest due and accrued on bond and mortgage loans 28,748 31 

Interest accrued on bonds and stocks 11,041 20 

Interest due and accrued on collateral loans 812 78 

Interest due and accrued on premium notes, loans, or liens 7,872 39 

Rents due and accrued on Company's property, or lease 154 67 

Market value of bonds and stocks over cost, as per Schedule E . . . . 53,645 54 

Gross premiums due and unreported on policies in 

force December 31, 1885 $25,226 08 

Gross deferred premiums on policies in force De- 
cember 31, 1885 3°>393 94 

Total $55,620 02 

Deduct the loading on above gross amount. . 13,586 27 



Net amount of uncollected and deferred premiums 42,033 75 

Total assets ^2,75 1,715 91 



ITEMS NOT ADMITTED. 

Commuted commissions $2,000 00 

Agents' balances 2,370 92 

Bills receivable 270 to 



Total , 4,641 02 

Total assets (less items not admitted) $2,747,074 89 



V. LIABILITIES. 

Net present value of all the outstanding policies in 

force December 31, 1885, computed according to 

the Actuaries' or Combined Experience Table 

of Mortality, with four per cent, interest $2,466,706 00 

Deduct net value of risks of this Company reinsured 

in other solvent companies 4> 2 93 °° 

Net reinsurance reserve $2,462,413 00 



104 JOHN HANCOCK MUTUAL LIFE INSURANCE COMPANY. 

Death losses due and unpaid $50 00 

Matured endowments due and uncalled for I > 1 33 °° 

Claims for death losses in process of adjustment. . . . 16,938 00 

Total policy claims 18,121 00 

Special reserve for possible depreciation 15,000 00 

Unpaid dividends of surplus, or other profits due policy-holders. . . . 16,092 48 

Premiums paid in advance and surrender values 3,7 14 53 

Total Liabilities on policy-holders' account $2,515,341 01 

Gross surplus on policy-holders' account 231,733 88 

Total liabilities $2,747,074 89 



VI. PREMIUM NOTE ACCOUNT. 

Premium notes, loans, or liens on hand, December 

3 1 . ^84 $136,439 23 

Received during the year IO ,3 I 5 64 

Total , $146,754 87 



Deductions during the year. 

Notes, loans, or liens used in payment of losses and 

claims $6,227 °8 

Notes, loans, or liens used in purchase of surrendered 

policies, and void by lapse 7,333 36 

Notes, loans, or liens used in payment of dividends 

to policy holders ' 6,629 °3 

Notes, loans, or liens redeemed by maker in cash. . 1,656 37 

Total reduction of premium note account 21,845 84 

Balance note assets at the end of the year $124,909 03 



VII. EXHIBIT OF POLICIES. 

Policies and Additions in force at the end of the previous year. 

Number. Amount. 

Whole life policies 83,932 $14,751,966 

Endowment policies 1,383 I ,935,544 

All other policies 610 1,177,200 



New Policies issued during the year. 

Number. Amount. 

Whole life policies 60,483 7,480,43 r 

Endowment policies 316 574,625 

All other policies , 80 186,250 



JOHN HANCOCK MUTUAL LIFE INSURANCE COMPANY. 105 

Old Policies revived during the year. 

Number. Amount. 

Whole life policies 12 27,666 

Endowment policies ! * ;°° 

Total number and amount 146,817 $26,134,682 

Deduct policies ceased to be in force 33.64 1 4)668,31 1 

Total policies in force at the end of the year. . 113,176 $21,466,371 



Policies ceased to be in force during the year. 

Number. 

By death 1,279 

By maturity (end.) 7° 

By expiry (term) *35 

By surrender *59 

By lapse 3 1 . 816 

By change and decrease 75 

By not taken 107 

Total terminated 33.64 1 

VIII. BUSINESS IN CONNECTICUT DURING 1885. 

Number. 
Number and amount of policies in force in Connecticut 

December 31, 1884 3.658 

Number and amount of policies issued during the year. . . 3> l 3° 

Totals 6,788 

Deduct number and amount ceased to be in force. . 1,292 

Total number and amount in force Dec. 31, 1885, 5,496 

Number. 

Number and amount of losses unpaid of previous year. ... 1 

Number and amount of losses and claims on policies in- 
curred during the year 63 

Number and amount of losses and claims on policies paid 

during the year 64 

Premiums collected in cash, $25,024.26: notes or credits, 

$354.00; total 

Schedule A — Real Estate owned by the Company. 

In Massachusetts $1 1,070 23 

Ohio 5,274 74 

Indiana II ,7 I 7 99 

Missouri 5>7Si 65 

Total cost $33,844 61 



Amount. 

$223,373 

84,254 

272,650 

211,399 

3.4S5.676 
248,648 
172,311 

$4,668,311 



Amount. 




$592,391 


00 


416,262 


00 


$1,008,653 


00 


141,447 


00 


$867,206 


00 


Amount. 




271 


00 


i6,774 


00 


17,045 


00 


25,378 


26 



106 



JOHN HANCOCK MUTUAL LIFE INSURANCE COMPANY. 



Schedule C — Loans on Collateral. 

Par Value. Market Value. Amt. Loaned 

O., O. & F. R. V. R. R. 8 p. c. igoo bond, $1,000 $1,270 00 $800 00 

American Whip Co. stock 24,500 18,375 00 1 1,000 00 

N. Y. C. & Hudson River R. R. stock. . . . 2,500 2,671 87 2,000 00 

Middlesex Banking Co 10,000 10,000 00 7,000 00 

Totals 38,000 32,316 87 20,800 00 



Schedule E — Stocks and Bonds owned by the Company. 
Cost Value. Par Value. 



State Bonds — 

Massachussetts reg., 1896 

Municipal Bonds — 

Marion County, 1900 

Co. of Franklin, 1886 to 1894, inc., 
Benton County, Ind., 18S7 and 1888, 
Co. of Wash., 111., 1889 and 1898. . 
City of Bath, 1891 

" Cincinnati, 1899 and 1902, 

" Chicago, 1899 

" Evansville, 1906 

" St. Louis, 1894 and 1895. . 

" St. Paul, 1913 

" Springfield, O., 1889, 1894, 
1895, 1898, and 1902. . . 

" Elkhart, Ind., 1891, 1892, 
and 1894 

" Decatur, 111., 1904 

" Streator, 111., 1886 to 1890, 

" Yankton, Dak., 1903. .... 

" Fremont, Neb., 5-20, issued 

1885 

Ter. of Dakota, 10-20, issued 1885, 
Groveport,0.,Sch. Dis., 1891-1893, 
Railroad Bonds — 

Chic, Burlington & Quincy, 1903, 

1919, 

Ogdensburg & Lake Champl'n,i897, 

Illinois Grand Trunk, 1890 

Michigan Central, 1890 

Cedar Rapids & Mo. River, 1894. . 

Nashua & Rochester 1 894 

Lowell & Andover, 1894 

Old Colony, 1897 

Eastern, 1906 

Burlington & Missouri River, 19 10, 
New York & New England, 1905, 
New Mex. & Southern Pacific, 1909, 
Kansas City, Law. & Southern, 1909, 



113,750 00 $100,000 00 



15,206 75 
48,638 00 

8,585 00 
10,306 25 

1,840 00 
21,380 00 

4,800 00 

5,125 00 
11,770 00 
10,375 00 

20,325 00 

5.633 37 

18,540 00 

8,049 20 

7,496 25 

5,125 00 

S>387 5o 
4,860 00 

20,150 00 
4,975 °° 
4,987 5o 

19,400 00 

15,342 50 
13,500 00 
23,125 00 
18,300 00 
1,020 00 
9,212 50 
11,887 50 
20,862 50 
11,746 25 
10,355 °° 



15,000 00 
48,000 CO 

8,500 00 
10,000 00 

2,000 00 
20,000 00 

5,000 00 

5,000 00 
11,000 00 
10,000 00 

20,000 00 

5,500 00 

18,000 00 

8,000 00 

7,500 00 

5,000 00 
5,000 00 
4,800 00 

20,000 00 

5,000 00 

5,000 00 

20,000 00 

14,000 00 

15,000 00 

25,000 00 

20,000 00 

1,000 00 

10,000 00 

15,000 00 

20,000 00 

10,000 00 

10,000 00 



Market Value. 
$117,000 OO 

15,225 OO 
48,672 13 

8,585 OO 
10,350 OO 

2,060 OO 
25,950 OO 

6,400 OO 

5,000 OO 
12,420 OO 
10,550 OO 

20,395 00 

5,653 75 

18,630 00 

8,050 00 

7,500 00 

5,150 00 

5,387 50 
4,932 00 

26,800 00 

5,537 5° 
5,150 00 
22,650 00 
15,610 00 
17,400 00 
26;937 50 
22,400 00 
1,216 25 
12,150 00 
14,025 00 
23,000 00 
12,350 00 
11,000 CO 



JOHN HANCOCK MUTUAL LIFE INSURANCE COMPANY. 



107 



Cost Value. 

Southern Kansas & Western, 191 o, 11,187 50 

Cheshire, 1898 5>5°° °° 

. Chicago & Eastern Illinois, 1907. . 10,900 00 

Wichita & Southwestern, 1902.... 9,132 50 

Saginaw Valley & St. Louis, 1902. . 19,680 00 

Chic, Milwaukee & St. Paul, 1920, 10,612 50 

Lowell & Lawrence, 1897 1,115 00 

Pueblo & Arkansas Valley, 1905 ... 11,512 50 

Oregon Railway & Nav. Co., 1909, 10,761 90 

" R'y & Nav. Co. deb., 1887, 10,000 00 

Saginaw & Western, 1913 10,000 00 

Consolidated R.R. Co. of Vt., 1913, 4,180 00 

Ft. Wayne, Cin. & Louisville, 1893, 5,250 00 

Quincy, Alton & St. Louis, 1896. . 9,587 50 

Fremont, Elkhorn & Mo. Val., 1933, 10,850 00 

Kan. City, Springfield & Mem., 1923, 10,340 00 

Atchison, Topeka & Santa Fe, 1911, 10,400 00 

Leavenworth, Topeka&S.W., 1912, 4,785 00 

Kan. City,Emporia & South'n, 1909, 3,51° °° 

Cowley, Sumner & Ft. Smith, 1909, 2,340 00 

Flor., Eldorado & Wal. Val., 1907, 5,437 50 

Kalamazoo & South Haven, 1889, 5,543 75 

Cleve., Colum., Cin. & Ind., 1934, 9,75° 00 

Chicago, Burl. & Northern, 1926.. 666 00 

Wisconsin Central, 1909 8,787 50 

Cincinnati, Sandusky & Cleve. ,1890, 10,500 00 

Railroad Stocks — 

Boston & Maine 5,635 62 

Chicago, Burlington & Quincy.... 20,412 50 

Union Pacific 4,73* 25 

Atchison, Topeka & Santa Fe 4,212 50 

Central Massachusetts 4,758 25 

Bank Stocks — 

New England National 12,031 00 

Tremont " 5,59° 5° 

Continental " .... .. r ... 10,15000 

Boylston " 4,362 50 

Washington " x 3>537 5° 

State " 2,531 50 

Miscellaneous — 

Middlesex Banking Co. bs., '89-' 90, 5,000 00 

New. & Wat. Gas Light Co. bds., '87, 20,000 00 

Minneap. Gas Light Co. bds., 1902, 10,500 00 

N. E. Mort. Security Co. bds., 1890, 10,100 00 

Centre Township, Ind., note, 1886, 16,000 00 

American Loan & Trust Co. stock, 2,550 00 



Par Value. 
IO,000 OO 
5,000 OO 

10,000 OO 

8,000 OO 

16,000 OO 

10,000 OO 

1,000 OO 

10,000 OO 

10,000 OO 

10,000 OO 

10,000 OO 

7,600 OO 

5,000 OO 

10,000 OO 

10,000 OO 

10,000 OO 

10,000 OO 

6,500 OO 

3,000 OO 

2,000 OO 

5,000 00 

5,000 00 

10,000 00 

666 00 

10,000 00 

10,000 00 

5,000 00 

16,500 00 

5,000 00 

5,000 00 

5,500 00 

10,000 00 

5,000 00 

10,000 00 

3,500 00 

10,000 00 
2.200 00 

5,000 00 
20,000 00 
10,000 00 
10,000 00 
16,000 00 

2,500 00 



Market Value. 
II,200 OO 

5.475 °° 

11,150 00 

9,040 00 

19,520 00 

11,400 00 

1,110 00 

12,200 00 

11,200 00 

10,187 5° 

10,475 °° 

6,004 00 

5,250 00 

10,075 °° 

11,625 00 

11,050 00 

10,550 00 

4,940 00 

3.562 50 

2,380 00 

5,500 00 

5,500 00 

10,100 00 

756 00 

8,500 00 

10,500 00 

9,075 00 
22,770 00 

2,787 50 
4,462 50 

1,237 50 

14,650 00 
5,562 50 

11,125 0O 
4,567 5° 

13,400 00 
2,728 00 

5,000 00 
20,100 00 
10,500 00 
10,250 00 
16,000 00 

2.53 1 25 



Totals £876,487 84 



844,266 00 $930,133 38 



108 MANHATTAN LIFE INSURANCE COMPANY. 



MANHATTAN LIFE INSURANCE COMPANY, 

NEW YORK CITY. 

Commenced Business, August I, 1850. 

Henry Stokes, President. Henry Y. Wemple, Secretary. 

Attorney in Connecticut, Insurance Commissioner. 



I. CAPITAL. 

Capital stock paid up in cash $100,000 00 

Amount of net or ledger assets December 31, 1884 $10,595,547 88 

II. INCOME DURING THE YEAR. 

Cash received for premiums, without 

deduction for commissions or other 

expenses $1,038,633 12 

Premiums on new business, $145,- 

740.15 ; on old, $892,892.97 

Total premium income $1,038,633 12 

Interest on mortgage loans 161,870 32 

Interest on bonds owned, and dividends on stock. 85,608 83 

Interest on premium notes, loans, or liens 87,579 22 

Interest on other debts due the Company 114,113 57 

Discount on claims paid in advance 140 00 

Rents for use of Company's property 56,783 62 

Profit on bonds or stocks actually sold 45,254 93 

Totalincome 1,589,983 61 

Total $12,185,531 49 

III. DISBURSEMENTS DURING THE YEAR. 

Cash paid for losses and additions... $711,178 00 
Cash paid for matured endowments 
and additions 77,149 00 

Total $788,327 00 

Deduct amt. awaiting claimant, 968 86 



Total amount actually paid for losses 

and matured endowments #787,358 14 



MANHATTAN LIFE INSURANCE COMPANY. 109 

Cash paid to annuitants . . 3,469 47 

Cash paid for surrendered policies 138,514 61 

Premium notes, loans, or liens voided by lapse. . . . 17,036 46 

Cash dividends paid to policy-holders 231,350 06 

Total paid policy-holders #1,177,728 74 

Dividends to stockholders 40,000 00 

Commissions to agents 1 14,468 61 

Salaries and traveling expenses of managers of 

agencies, and general, special, and local agents. . 8,474 34 

Medical examiners' fees 10,026 50 

Salaries and other compensation of officers and other 

office employes 59>5°8 77 

Taxes, licenses, fines, and fees in other States 10,702 37 

Rent 13,000 00 

Advertising 12,896 14 

Expenses on real estate 25,904 28 

Law, agency and office expenses 1 7,382 89 » 

Total disbursements #1,490,092 64 

Balance #10,695,438 85 

IV. ASSETS. 

AS PER LEDGER ACCOUNTS. 

Real estate unencumbered, as per Schudule A #890,978 57 

Loans on bonds and mortgage (first liens) 3,146,494 22 

Loans secured by pledge of bonds, stocks, or other 

marketable collaterals, as per Schedule C 3,699,062 50 

Premium notes, loans, or liens on policies in force. . 1,137,136 15 
Cost value of bonds and stocks owned absolutely, 

as per Schedule E 1,665,353 28 

Cash in Company's office 3,297 99 

Cash deposited in banks 153,116 14 

Total net or ledger assets #10,695,438 85 

OTHER ASSETS.- 

Interest due and accrued on bond and mortgage loans 65,217 3-3 

Interest due and accrued on bonds and stocks 16,830 83 

Interest due and accrued on collateral loans 21,810 19 

Interest due and accrued on premium notes, loans, or liens 10,470 55 

Rents due and accrued on Company's property or lease 5, 660 16 

Market value of bonds and stocks over cost, as per Schedule E. . . . 189,584 35 

Gross premiums due and unreported on policies in 

force December 31, 1885 #90,253 26 

Gross deferred premiums on policies in force De- 
cember 31, 1885 98,265 21 

Total #188,51847 

Deduct the loading on above gross amount. . 37,7°3 69 



Net amount of uncollected and deferred premiums 150,814 78 

Total assets #11,155,827 04 



110 MANHATTAN LIFE INSURANCE COMPANY. 

V. LIABILITIES. 

Net present value of all the outstanding policies in force on the 31st 
day of December, 1885, computed according to the Actuaries' or 
Combined Experience Table of Mortality, with four per cent, com- 

. pound interest $9,146,964 00 

Death losses and matured endowments in process of adjustment or 

adjusted and not' due 184,244 86 

Unpaid dividends of surplus, or other profits to policy-holders 75,^93 40 

Estimated to cover every existing claim 57,000 00 

Liabilities on policy-holders' account $9,463,902 26 

Gross surplus, including capital, on policy-holders' account, 1,691,924 78 

Total liabilities $1 1,155,827 04 

VI. PREMIUM NOTE ACCOUNT. 

Premium notes, loans, or liens on hand December 

31,1884 $1,221,01546 

Received during the year 40,775 86 

Total $1,261,791 32 

Deductions during the year. 

Notes, loans, or liens used in payment of losses and 

claims $58,700 10 

Notes, loans, or liens used in purchase of surrendered 

policies and void by lapse 40,462 13 

Notes, loans, or liens used in payment of dividends 

to policy-holders 6,773 81 

Notes, loans, or liens redeemed by maker in cash, 

and in hands of agents for collection 18,719 13 

Total reduction of premium note account 124,655 17 

Balance note assets at the end of the year $1,137,136 15 

VII. EXHIBIT OF POLICIES. 

Policies and Additions in force at the end of the previous year. 

Number. Amount. 

Whole life policies 10,224 $28,782,058 

Endowment policies 1,828 5,212,572 

All other policies 1 2,500 

New Policies issued during the year. 

Number. Amount. 

Whole life policies 1,076 2,435,344 

JEndowment policies 744 2,055,246 



Total number and amount , " I 3>^73 $38,487,720 

Deduct policies ceased to be in force 1 >392 4,020,581 

Total policies in force at end of the year 12,481 $34,467,139 



MANHATTAN LIFE INSURANCE COMPANY. 



Ill 



Policies ceased to be in force during the year. 

Number. Amount. 

By death 243 $711,178 00 

By maturity (end.) '. 44 77, 149 00 

By expiry 1 2,500 00 

By surrender 129 352,044 00 

B3' lapse 470 1,259,586 00 

By change 1 1 1 374,848 00 

By not taken 394 1,243,276 00 

Total terminated r >39 2 $4,020,5$ 1 00 



VIII. BUSINESS IN CONNECTICUT DURING 1885. 

Number. Amount. 
Number and amount of policies in force in Connecticut, 

December 31, 1884 93 $ 1 95>i35 00 

Number and amount of policies issued during the year .. . 10 18,725 00 

Totals 103 $213,860 00 

Deduct number and amount ceased to be in force. . 12 20,000 00 

Total number and amount in force Dec. 31, 1885, 91 $193,860 00 

Premiums collected .... ^^1° I2 

Losses incurred during the year 1 1,250 00 

Losses paid during the year .... None. 

Schedule A — Real Estate owned by the Company. 

In New York $761,433 50 

New Jersey 129,545 07 

Total $890,978 57 



Schedule C — Loans on Collateral. 

Par Value. 

Manhattan Elevated R. R. con. stock $130,000 

New York Central & Hudson River R.R.stk., 

Western Union Telegraph Co. stock 

American Telegraph & Cable Co. stock . . . 

California & Oregon R. R. bonds 

Texas Pacific R. R. bonds 

Toledo, Ann Arbor & No. Mich. R. R. bds., 

Mahoning Coal Co. bds 

St. Paul, Minneap. & Manitoba R. R. stock, 

Oregon & Transcontinental Co. stock 

Chicago & Northwestern R.R. pfd. stock. . 

Western Union Telegraph Co. stock 

N. Y., Lake Erie & Western R. R. stock. . 



Value. 


Market Value 


Amt. Loaned. 


130,000 


$156,000 " 




20,000 


21,000 




55>°°° 


39,600 


$200,000 OO 


20,000 


13,600 




32,000 


32,900 




35,°°° 


16,400 " 




25,000 


20,000 




3,000 


2,800 




10,000 
5,000 


10,900 
I,6oo 


. 200,000 OO 


100,000 


135,000 




50,000 


36,000 




20,000 


5,200 J 





112 



MANHATTAN LIFE INSURANCE COMPANY. 



Par Value. 

N. Y., Lake Erie & Western R. R. stock . . 40,000 

Missouri Pacific R. R. stock 10,000 

Central R. R. of New Jersey stock 10,000 

Western Union Telegraph Co. stock 30,000 

Missouri Pacific R. R. bonds 10,000 

Lehigh & Wilkesbarre Coal Co. bonds .... 1,000 

Fort Worth & Denver City R. R. bonds. . . 5,000 

Long Dock bonds 5,000 

Lehigh & Wilkesbarre Coal Co. bonds. . . . 10,000 

N. Y., Lake Erie & Western R. R. stock. . 60,000 

Western Union Telegraph Co. stock 10,000 

Missouri Pacific R. R. stock 20,000 

Oregon R. R. & Navigation Co. stock 5,000 

Western Union Telegraph Co. stock 1,500 

N. Y., Lake Erie & Western R. R. stock. . 70,000 

Manhattan Elevated R. R. con. stock 10,000 

Pacific Mail Steamship Co. stock 10,000 

Canada Southern R. R. bonds 12,000 

Oregon Short Line bonds 3,000 

Ohio Southern R. R. bonds 5,ooo 

Northern Pacific R. R. bonds 20,000 

International & Great Northern R. R. bds., 10,000 

Kansas Pacific R. R. bonds 1,000 

Missouri Pacific R. R. stock .- 10,000 

Chicago, Rock Island & Pacific R. R. stock, 10,000 

Lake Shore & Michigan Southern R. R. stk., 10,000 

St.Louis, Iron Mount. & South'n R.R. bonds, 35>ooo 

Missouri, Kansas & Texas R. R. bonds. . . . 42,000 

Central R. R. of New Jersey bonds 9,000 

Lake Shore & Michigan Southern R.R. bds., 50,000 

Lafayette, Bloomington & Muncy R. R. bds., 7,000 

Rome, Watertown & Ogdensburgh R.R. bds., 46,000 

Kansas Pacific R. R. bonds 1,000 

Nashville & Chattanooga R. R. stock 20,000 

Chicago, Burlington & Quincy R. R. stock, 100,000 

N. Y. Central & Hudson River R. R. bds., 150,000 

District of Columbia bonds 5,ooo 

Harlem preferred stock 15,000 

St. Paul & Duluth R. R. stock 3,000 

Delaware,Lackawanna & Western R.R. stk., 75,000 

Lake Shore & Michigan Southern R.R. stk., 30,000 

Delaware, Lackawanna & Western R.R. stk., 95,000 

Pullman Palace Car Co. stock 40,000 

Oregon R. R. & Navigation Co. stock 40,000 

St. Paul, Minneap. & Manitoba R. R. stk., 10,000 

Delaware & Hudson Canal Co. stock 10,000 

St. Louis & San Francisco 1st, pfd. stock. . 10,000 

Chicago, Milwaukee & St. Paul pfd. stock, 40,000 

Delaware, Lackawanna & Western R.R.stk., 65,000 



Mar. Value. 


Amt. Loaned. 


10,400 




II,IOO 




4.4OO 




2I,6oo 


50,000 OO 


1 1 ,400 




1,000 




4,000 




6,000 ~ 




10,500 




15,600 


50,000 OO 


7,200 




22,200 




5,300 - 




1,000 




l8,200 




12,000 
6,600 


50,000 OO 


IO,000 




2,900 




5,000 J 




18,400 - 




8,300 




900 
II,IOO 


50,000 OO 


12,800 




8,800 _ 




30,800 1 
38,600 


50,000 OO 


5,600 1 




59,400 




6,200 
40,400 


100,000 OO 


900 




9,000 




137,000 


120,000 OO 


199,500 1 




5,800 

30,000 


200,000 OO 


I,IOO 

93.700 -J 

26,400 J 




100,000 OO 


118,700 


100,000 OO 


53,200 
42,800 






10,900 




9,600 


200,000 OO 


9,800 


49,600 




81,200 





MANHATTAN LIFE INSUKANCE COMPANY. 



113 



Par Value 

Western Union Telegraph Co. stock 30,000 

Michigan Central R. R. stock 10,000 

Chicago & Northwestern R. R. stock 10,000 

St. Louis, Iron Mount. & Southern R.R.bds., 24,000 

Missouri Pacific R. R. stock 50,000 

Western Union Telegraph- Co. stock 40,000 

Oregon & Transcontinental Co. bonds 40,000 

United States 4 p. c. bonds 20,000 

West Shore certificates 100,000 

Western Union Telegraph Co. stock 60,000 

Chicago & Northwestern R. R. stock 10,000 

Chicago, Burlington & Quincy stock 10,000 

New York Central & Hudson River R.R.stk., 8,000 

Lake Shore & Michigan Southern R.R. stk., 20,000 

Chicago, Milwaukee & St. Paul R. R. stock, 10,000 

Missouri Pacific R. R. stock '. 22,500 

Chicago & Northwestern R. R. stock 10,000 

Lake Shore & Michigan Southern R. R. stk., 40,000 

Delaware,Lackawanna & Western R.R. stk., 60,000 

St. Paul & Duluth preferred stock 30,000 

Chicago, Milwaukee & St. Paul stock 60,000 

Louisville & Nashville R. R. bonds 3,000 

Fremont, Elkhorn & Mo. Val. R. R. bonds, 27,000 

Western Union Telegraph Co. stock 50,000 

Missouri Pacific R. R. stock 40,000 

St. Paul, Minneap. & Manitoba R. R. stock, 40,000 

Totals $4,717,700 



Market Value. Arat. Loaned. 


2I,6oo 




7,600 
1 1 ,000 


50,000 00 


21,700 _ 




55.500 
28,800 


70,000 00 


38,500 - 




24,650 




52,000 




43.SOO 




11,050 
13.750 


■ 200,000 00 


8,444 




17,800 




9,600 




25,500 J 




II,000 ,. 




35,200 


100,000 00 


75,000 J 




29,700 ■ 

57,3oo 

3,000 




100,000 00 


3^500 _ 




36,500 




44,200 J. 100,000 00 


43,600 J 





#4,783,534 $3,699,062 50 



Schedule E — Stocks and Bonds ow?ied by the Company. 

Cost Value. Par Value. Market Value. 



:'::} 



United States and State Bonds — 

United States 4 p. c. reg 

United States 3 p. c. reg 

Virginia, consolidated debt. 

Virginia, deferred debt 

Municipal Bonds — 

N. Y. City, 5 p. c, reg. con. stock, 
" County, 6 p. c.,reg. con. stk., 
" City, 6 p. c, reg. con. stk. . 
" " 6 p. c, reg, park imp., 

" " 6 p. c, reg. doc 

" " 7 p. c, reg.b'ty fd.red, 
" " 7 p. c, reg. ace. debt, 
" Co., 7 p. c, reg. ace. debt, 
" City, 3 p. c, reg. armory. . 
Bank Stock — 

Bank of Commerce, New York . . . 



513,472 60 
50,550 00 

4,500 00 



213,875 00 

36,805 00 

33.557 50 

1,623 75 

54i 25 

8,613 °° 

36,350 50 

84,601 90 

250,000 00 

4,460 00 



§500,000 00 

50,000 00 

6,600 00 

13,300 00 

200,000 00 

34,000 00 

31,000 00 

1,500 00 

500 00 

8,700 00 

33,000 00 

76,400 00 

250,000 00 

5,000 00 



?6i 6,250 00 

51,875 00 

3,300 00 

681 63 

244,000 00 

45,900 00 

45,260 00 

2,025 00 

675 00 

10,353 00 

34,460 00 

80,608 00 

260,000 00 

8,050 00 



114 MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY. 

Book Value. Par Value. Market Value. 

Railroad Bonds — 

L. S. & Mich. S., 7 p. c.,2dmort., 115,677 78 100,000 00 119,500 00 

Central Park, N. & E. Riv.,7p. c, 115,325 00 100,000 00 125,000 00 

" H. Riv. & P. C. 4 p. c, 2d mort, 102,500 00 100,000 00 103,000 00 

N. Y., W. Shore &Buf., 1st. mort., 92,900 00 100,000 00 104,000 00 



Totals $!j665.353 28 $1,610,000 00 $1,854,937 63 



MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY, 

SPRINGFIELD, MASS. 

Commenced Business, August 1, 1 851. 

E. W. Bond, President. John A. Hall, Secretary. 

Attorney in Connecticut, Insurance Commissioner. 



I. CAPITAL. 



No^Capital Stock. 

Amount of net or ledger assets December 31, 1884. $7,219,810 55 

II. INCOME DURING THE YEAR. 

Cash 'received for premiums without 

deduction for commissions or other 

expenses $964,770 14 

Premium notes, loans, or liens taken in 

part payment for premiums 1 12,020 1 1 

Premiums paid by dividends, $122,- 

443.54; by surrendered policies, 

cash, $17,461.88 1395905 42 

Premiums on new business, $242,- 

245.60; on old, $834,544.65. 

Total $1,216,695 6 7 

Deduct amount paid to other com- 
panies for reinsurance of policies in 

this|Company i 5j i 75 86 

Total premium income $1,201,519 81 



MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY. 115 

Interest on mortgage and collateral loans 137,209 95 

Interest on bonds owned, and dividends on stock. . 168,444 7° 

Interest on premium notes, loans, or liens 33,6o6 65 

Discount on claims paid in advance 1,289 82 

Interest on other debts due the Company 1,004 32 

Rents 70,7*7 °3 

Total income 1,613,792 28 

Total #8,833,602 83 



III. DISBURSEMENTS DURING THE YEAR. 

Cash paid for losses and additions. . . . #378,181 90 
Premium notes, loans, or liens used in 

payment of same 9,226 10 

Cash paid for matured endowments 

and additions 105,336 03 

Premium notes, loans, or liens used in 

payment of same 6,275 97 % 

Total amount paid for losses and matured 
endowments #499,020 00 

Cash paid for surrendered policies 58,490 96 

Premium notes, loans, or liens used in purchase of 

surrendered policies, and voided by lapse 24,144 02 

Cash surrender values applied in payment of pre- 
miums, including #627.38 interest 18,089 26 

Cash dividends paid to policy-holders and applied in 
payment of premiums, including #4,964.44 interest 
on premiumnotes 152,977 02 

Premium notes, loans, or liens used in payment of 

dividends to policy-holders 68,95 l 99 

Total paid policy-holders #821,673 25 

Commissions to agents 105,539 16 

Salaries and traveling expenses of managers of 

agencies, and general, special, and local agents. . 102,763 08 

Medical examiners' fees IO ,593 °° 

Salaries and other compensation of officers and other 

office employes 45,429 12 

Taxes, licenses, fines, and fees 20,654 75 

Rent 1 1,1 1 1 57 

Advertising and printing 12,057 53 

Postage, stationery, express, etc 20,451 58 

Expenses on real estate obtained by foreclosure, 

taxes, insurance, repairs, etc 62,145 75 

Profit and loss on securities purchased 126,289 OI 

Total disbursements #1,338,707 80 

Balance #7,494,895 03 



116 MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY. 

IV. ASSETS. 

AS PER LEDGER ACCOUNTS. 

Real estate, unencumbered, as per Schedule A.... $1,369,717 76 

Loans on bond and mortgage (first liens) 1,641,488 34 

Loans secured by pledge of bonds, stocks, or other 

marketable collaterals, as per Schedule C 579,884 00 

Loans made in cash to policy-holders, on this Com- 
pany's policies assigned as collateral 190,444 35 

Premium notes, loans, or liens on policies in force . . 535, 707 87 

Cost value of bonds and stocks owned absolutely, as 

per Schedule E 2,980,085 76 

Cash in Company's office -> 

Cash deposited in banks J y >3 i 7 

Bills receivable 5> 2 63 88 

Total net or ledger assets $7,494,895 03 

Deduct depreciation, to bring same to market value 3, 210 00 

Total assets, less depreciation $7,491,685 03 

OTHER ASSETS. 

Interest due and accrued on bond and mortgage loans 41)457 24 

Interest accrued on bonds and stocks 45,9^3 2 9 

Interest due and accrued on collateral loans, and loans on policies. . 21,040 16 

Interest accrued on premium notes, loans, or liens 17,139 24 

Rents accrued on Company's property 3,809 71 

Market value of real estate over cost as per Schedule A 61,947 71 

Market value of bonds and stocks over cost, as per Schedule E 213,551 24 

Gross premiums due and unreported on policies in 

force December 31, 1885 $83,546 62 

Gross deferred premiums on policies in force De- 
cember 31, 1885 169,001 72 

Total $252,548 34 

Deduct the loading on above gross amount. . 40,407 74 



Net amount of uncollected and deferred premiums 212,140 60 

Total assets. . , $8,108,754 22 

ITEM NOT ADMITTED. 

Bills receivable 5,263 88 



Total assets (less item not admitted) $8,103,490 34 

V. LIABILITIES, 

Net present value of all the outstanding policies in 

force, December 31, 1885, computed according to 

the Actuaries' or Combined Experience Table of 

Mortality, with four per cent, compound interest, $7,421,808 00 

Deduct net value of risks of this Company reinsured 

in other solvent companies 47,446 oo 

Net reinsurance reserve $7,374,362 00 



MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY. 117 

Claims for death losses and matured endowments in 

process of adjustment, or adjusted and not due. . #53,091 00 

Claims for death losses and other policy claims re- 
sisted by the Company 21,020 00 

Total policy claims , 74, 1 1 1 00 

Unpaid dividends of surplus, or other profits due policy-holders .... 23,834 89 

Premiums paid in advance 4,586 42 

Interest paid in advance .... 2,645 °° 

Liabilities on policy-holders' account #7>479'539 3 1 

Gross surplus on policy-holders' account 623,95 1 °3 

Total liabilities ... #8,103,490 34 

VI. PREMIUM NOTE ACCOUNT. 

Premium notes, loans, or liens on hand December 

31, 1884 #548,844 86 

Received during the year 1 12,020 1 1 

Total . #660,864 97 

Deductions during the year. 

Notes, loans, or liens used in payment of losses and 

claims #1 5,502 07 

Notes, loans, or liens used in purchase of surrendered 

policies, and void by lapse 24,144 02 

Notes, loans, or liens used in payment of dividends 

to policy-holders 68,95 r 99 

Notes, loans or liens redeemed by maker in cash.. 12,223 2 9 

Total reduction of premium note account 120,821 37 

Balance note assets at the end of the year #540,043 60 



VII. EXHIBIT OF POLICIES. 

Policies and Additions in force at the end of the previous year. 

Number. Amount. 

Whole life policies 9,908 #24,625,746 

Endowment policies 3,627 7,430,148 

All other policies 1,200 2,604,415 

New Policies issued during the year. 

Number. Amount: 

Whole life policies 1,686 5,729,220 

Endowment policies 888 2,223,300 

All other policies 10 39,50O 



118 MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY. 

Old Policies revived during the year. 

Number. Amount. 

"Whole life policies 2 4,500 

Endowment policies , 1 3,000 

Old Policies increased during the year. 

Number. Amount. 

Whole life policies .... 5,°97 

Additions by dividends .... 9,69 1 

Total number and amount 17,322 $42,679,415 

Deduct policies ceased to be in force 1,701 4,714,257 

Total policies in force at the end of the year. . 15,621 $37,965,158 

Policies ceased to be in force during the year. 

Number. Amount. 

By death 181 $381,332 

By maturity (end) 92 101,253 

By expiry (term) 197 449,200 

By surrender 274 532,971 

By lapse 460 1,192,632 

By change and decrease . . . ." 352,419 

By not taken 497 1,704,450 

Total terminated 1,701 $4,714,257 

VIII. BUSINESS IN CONNECTICUT DURING 1885. 

Number. Amount. 
Number and amount of policies in force in Connecticut 

December 31, 1884 482 $905,498 

Number and amount of policies issued during the year ... . 122 262,797 

Totals 604 $1,168,295 

Deduct number and amount ceased to be in force. . 42 83,507 

Total number and amount in force Dec. 31, 1885, 562 $1,084,788 



Number. Amount. 
Number and amount of losses unpaid of previous year. ... 2 $1,150 00 
Number and amount of losses and claims on policies in- 
curred during the year 11 H,957 °° 

Totals 13 $16,107 00 

Number. Amount. 
Number and amount of losses and claims on policies paid 

during the year 12 I 3,3°7 °° 

Premiums collected in cash, $17,036.05; notes or credits, 

$1,714.50; total 18,750 55 



MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY. 119 



Schedule A — Real estate owned by the Company. 

In Massachusetts $601,467 5 1 

Illinois 332,827 32 

Indiana 176,275 91 

Iowa 43.799 2 5 

Kentucky 10,000 00 

Missouri , . 47,627 49 

Nebraska 4,000 00 

Washington, D. C. . . 2,000 00 

Ohio 143,158 78 

Colorado 5, 000 00 

New Hampshire 3,5^1 50 

Total $1,369,717 76 

Schedule C — Loans on Collateral. 

Par Value. Market Value. 

Springfield Gas Light Co. stock $1,900 $2,850 

Massasoit Paper Manufacturing Co. stock. . 1,200 -) 

Union Pacific Railway Co. stock 1,500 j* 3>54 

Union Paper Mfg. Co., Holyoke, stock. . . . 2,000 2,000 

" " " " 1,500 1,500 

Hampden Paint & Chemical Co. stock. . . . 5, 100 9;35o 

N. Y., N. H. & Hartford R. R. Co. stock. . 500 1,000 

Union Paper Manufacturing Co. stock. . . . 4,000 4,000 

Springfield Gas Light Co. stock 2,000 ^ 

Westfield Gas Light Co. stock 1,000 > 4,700 

Third National Bank, City, stock. ....... 400 J 

Valley Paper Co., Holyoke, stock 6,000 6,000 

Hampden Glazed Paper & Card Co. stock, 14,000 17,500 

Springfield Printing: Co. stock 10,000 1 

r & s ' y 12,500 

" " " bonds 10,000 J 

Valley Paper Co., Holyoke, stock 10,000 10,000 

Union Paper Manufacturing Co. stock .... 20,000 20,000 

Springfield Fire & Marine Ins. Co. stock. . 2,500 3>75° 

Hotel furniture and two good names, Lewis 

County, Iowa 5,000 

Lackawanna & Pittsburgh R. R. Co. bonds, 100,000 ^ 

Columbus & Eastern R. R. Co. bonds. . .. 40,000 |- 74,500 

Union Paper Manufacturing Co. stock. . . . 39,5oo J 

Del Norte Land & Canal Co. bonds 30,000 30,000 

Chicago Tribune stock 10,000 50,000 

Ouincy Water Co., Mass., stock 10,000 ") 

^ J ' ' ' y 25,000 

Chicopee Water Co., Mass., stock 12,000 J 

Holyoke Paper Co. stock 800 1,200 

Massasoit Paper Co. stock 4,000 -» 

Chester Paper Co. stock. 4,000 >- 14,500 

Farr Alpaca Co., Holyoke, stock 2,700 ) 

Utah Southern R. R. Co. bonds 3,000 2,850 

Gilson & Woodfin 1st mort. bonds of Vt. . 13,000 14,000 



Amt. Loaned. 
$1,900 OO 

1,200 OO 

1,500 OO 
1,500 OO 
7,000 OO 
700 OO' 
2,700 OO 

3,400 OO 

6,000 OO 
4,940 OO 

10,000 OO 

10,000 OO 

20,000 OO 

3,000 OO 

2,500 OO 

70,000 OO 

30,000 OO 
20,000 OO 

15,000 OO 
1,000 OO 

9,000 OO 

2,400 OO 
13,000 OO 



120 MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY. 



Par Value. 

Central Pacific R. R. Co. bonds 10,000 

Southern Pacific R. R. Co. bonds 10,000 

Galveston, Harrisburg & San Antonio R. R. 

Co. of Texas (Mexican & Pac. ex.) bds., 15,000 

Kan. City, St. Joe & Coun. Bluffs R.R.Co.bs., 1,000 

N. Y., N. H. & Hartford R. R. Co. stock, 1,000 

Southern Central R. R. Co. bonds 200 

Greenwood County, Kansas, bonds 5, 000 

Southern Central R. R. Co. bonds 5,ooo 

Moline Plow Co., Moline, 111., stock 30,000 

Woodl'n Cem. Assoc'n of Toledo, O., bds., 10,000 

Central Pacific R. R. Co. bonds 30,000 

Central Pacific R. R. Co. bonds 10,000 

Southern Pacific R. R. Co. bonds 10,000 

Galveston, Harrisburg & San Antonio R. R. 

Co. of Texas ( Mexican & Pacific ex.) bds., 15,000 

Rome, Watert'n & Ogdensb'g R.R. Co. bds., 20,000 

Kan. City.St. Joe & Coun.Bluffs R.R.Co.stk., 18,000 

Oregon Railway & Navigation Co. stock. . 40,000 

Northern Pacific R. R. Co. preferred stock, 30,000 

" " common stock, 40,000 

Marietta & No. Georgia R. R. Co. bonds. . 60,000 

Winona Paper Co., Holyoke, stock 20,000 

Capital Gas Light Co., Austin, Texas, bds., 10,000 

" " " " " stk., 10,000 

St. Joe, Mo., Water Co. stock ■ 50,000 

Mil. & St. Paul R.R. Co. (St. Paul div.) bds., 5,000 

Burlington & Missouri R. R. Co. bonds. . . 50,000 

Woodlawn Cem. Assoc'n, Toledo, O., bds., 10,000 

Totals $877,800 



Market Value. Amt. Loaned. 



I- 37.75° 25,000 OO 



1,230 
2,000 

9.93° 

45,000 
10,000 
31,000 

37,75° 

22,000 
23,000 

72,825 

51,000 
25,000 

25,000 

54,000 
10.000 



600 00 
190 00 

9,000 00 

30,000 00 

5,000 00 

25,000 00 

25,000 00 

20,000 00 
20,000 00 

50,000 00 

42,000 00 
20,000 00 

16.354 00 

50,000 00 
5,000 00 



$784,025 $579,884 00 



Schedule E — Stocks and Bonds owned by the Company. 



United States Bonds — 

United States 4^ p. c, reg., 1891. 
Railroad Bonds — 

Railroad Equipment Co., N. Y. . . . 

Kansas Pacific 

Central Iowa, eastern division .... 

Southern Central, New York 

St. Louis, Alton & Terre Haute . . . 

Ohio Southern, 1st mort 

Lebanon Springs, (receiver's cert.), 

Ohio & West Virginia 1st mort. . . . 

Oregon Short Line (Union Pacific), 

Central Iowa 

Buffalo, N. Y. & Philadelphia 

St. Johnsbury & Lake Champlain. . 



Cost Value. Par Value. Market Value. 

$100,000 00 $100,000 00 $112,750 00 



21,000 OO 
24,823 49 
30,000 OO 
45,750 OO 
30,026 25 

37,437 5° 
48,000 00 
30,000 00 
29,790 00 
50,000 00 
24,650 00 
30,000 00 



21,000 00 
26,000 00 
30,000 00 
51,600 00 
31,500 00 
50,000 00 
50,000 00 
30,000 00 
34,000 00 
50,000 00 
27,000 00 
30,000 00 



21,000 00 
28,860 00 
25,680 00 
46,440 00 
36,225 00 
50,000 00 
50,000 00 
33,000 00 
33,320 00 
54,500 00 
11,340 00 
33,000 00 



MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY. 



121 



East. Tenn., Va. & Ga. car trusts . . 
Indianapolis, Dakota & Springfield, 
Florida Central & Western, (now 

Florida R'y & Navigation Co . . . 

Florida R'y & Navigation Co 

Denver, South Park &. Pacific. . . . 
Des Moines, Osceola & Southern. . 
St. Louis, Hannibal & Keokuk. . . . 
N. Y. & N. E. 6 per cent 

" " 7 per cent 

Bur. & Mo. R. C. B. & Q. system 

Mahoning Coal 1st mort 

Chicago, Bur. & Quincy S. W. div., 

Subscription D. C. B. & No 

Rutland, Vt., 1st mort 

Oregon Railway Navigation Co . . . 
No. Pacific 1st m., P. 'Orville div., 

" " Missouri division 

Indiana, Bloom. & West. 1st m., ■* 
" " 2d m.,} 

" " incomes. 

N. Y., Rut. & Montreal subscript'n, 
Municipal Bonds — 

North Poudre Land, Canal and 

Reservoir Co., Col 

Town of Douglas, Illinois 

" " Kankakee, " 

" " Edwr'dsv'l," 

" " Monmouth, " 

Warren county, " 

Kankakee, " " 

Cass " " 

Perry " " 

White " " 

Greenwood " Kansas 

City of Burlingame, " 

City of Kansas viaduct 

City of Topeka, Kan., bd. of ed. . . 
State of Kansas, school district .... 

City of Cleveland, Ohio 

Paulding county, " 

City of Morehead, Minn 

Saline county, 111. 6 p. c.fund.bds., 
Bank Stocks — 

Chicopee National, Springfield. 
First " " 

Second " " 

Pynchon " " 

Agawam " " 



Cost Value. 

37.835 oo 
14,935 00 

16,666 67 
10,000 00 
24,625 00 
25,000 00 
10,000 00 

9.55° °° 
10,000 00 
89,168 75 
45,097 24 
54,300 00 

9,380 00 
30,000 00 
25,000 00 
20,000 00 
25,000 00 

74,163 25 

M97 50 
20,000 00 



25,000 00 
32,000 00 
11,000 00 
11,700 00 
24,375 00 
20,900 00 
30,000 00 
17,100 00 
12,000 00 
100,000 00 
20,000 00 
4,000 00 

5.900 00 
30,000 00 
24,532 00 
25,000 00 
21,000 00 
10,000 00 
30,000 00 

6,770 00 

13,850 00 

9,930 00 

1,975 00 

3.901 50 



Par Value. Market Value. 
46,000 00 43,700 OO 
15,000 00 15,000 OO 



25,000 OO 
20,000 OO 
25,000 OO 
25,000 OO 
10,000 OO 
10,000 OO 
10,000 OO 
100,000 OO 
50,000 OO 
60,000 OO 

9,380 OO 
30,000 OO 
25,000 OO 
20,000 OO 
25,000 OO 
40,000 OO 
65,000 OO 

4,000 OO 
30,000 OO 



25,000 OO 
32,000 OO 
11,000 OO 
12,000 OO 
25,000 OO 
22,000 OO 
30,000 OO 
19,000 OO 
12,000 OO 
100,000 OO 
20,000 OO 
4,000 OO 
5,900 OO 
30,000 OO 
24,532 OO 
25,000 OO 
21,000 OO 
10,000 OO 
30,000 OO 

4,500 OO 
12,400 OO 
8,100 OO 
2,000 OO 
3,200 OO 



20,000 OO 
16,000 00 
20,000 OO 

6,250 OO 

8,ooo 00 
11,450 OO 
12,425 OO 
95,000 OO 
47,500 OO 
55,200 CO 

9,380 OO 
31,800 OO 
25,500 OO 
20,800 OO 
26,000 OO 
38,100 OO 
52,000 OO 

1,400 OO 
20,000 OO 



26,250 OO 
34,240 OO 
n,88o 00 
12,840 OO 
27,000 OO 
24,200 OO 
33,000 OO 
19,000 OO 
12,600 OO 
105,000 OO 
21,000 OO 
4,400 00 
6,195 °° 
33,000 OO 
24,532 OO 
30,500 OO 
22,050 OO 
10,500 OO 
30,900 OO 

7,537 5° 

20,460 OO 

14,580 OO 

3,600 OO 

4,160 OO 



122 MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY. 



Cost Value. Par Value. Market Value. 

John Hancock Nat., Springfield. .. . 1,92400 1,70000 2,125 0O 

City National, " .... 10,000 00 10,000 00 13,500 00 

First " Northampton, Mass., 3,455 5° 3,40° 00 4,420 °° 

First " Chicopee, " 2,586 00 2,400 00 3)840 00 

Metropolitan Nat., New York 5,454 50 3,800 00 1,102 00 

NationalB'kof Com., Boston, Mass., 3>5°° °° 3>5°° °° 4,200 00 

Webster National, " " 2,625 °° 2,500 00 2,650 00 

Merchants " " ' " 1,844 57 1,500 00 2,190 00 

Eliot " " " 1,522 50 1,500 00 1,822 50 

Franklin Co. Nat., Greenfield, " 9,506 00 9,800 00 9,800 00 

St. Paul National, St. Paul, Minn. . 10,000 00 10,000 00 11,000 00 

Railroad Stocks — 

Boston & Albany 100,194 71 80,000 00 143,600 OO 

N. Y. Central & Hudson River. . . 33,562 50 30,000 00 31,650 00 

Connecticut River 51,940 00 31,600 00 52,140 00 

Union Pacific 36,400 00 30,000 00 16,612 50 

New York, New Haven & Hartf d, 15,324 50 10,000 00- 20,000 00 

Albany & Susquehanna 76,362 50 60,000 00 84,000 00 

Chicago, Rock Island & Pacific .. . 32,825 00 40,000 00 51,400 00 

Lake Shore & Michigan Southern, 121,712 50 110,000 00 97,212 50 

Chicago & Northwestern preferred, 26,550 00 20,000 00 27,200 00 

" " common, 53,262 50 50,000 00 55,187 50 

Chicago, Burlington & Quincy.... 75,004 33 60,000 00 82,500 00 

Pittsburgh, Fort Wayne & Chicago, 27,400 00 20,000 00 28,000 00 

Detroit, Hillsdale & So. Western. . 39,000 00 55,ooo 00 41,250 00 

Buffalo, New York & Phila. pref . . 975 00 5,85° °° 7°° 50 

Gas and Water Bonds — 

Wallingford Gas Light Co., Conn., 19,500 00 20,000 00 21,000 00 

Duluth Gas & Water Co., Minn. . . 20,000 00 20,000 00 20,000 00 

Quincy Water Co., Mass 48,750 00 50,000 00 52,500 00 

Hornellsville Water Co., N. Y. . .. 25,375 00 25,000 00 27,500 00 

Mount Pleasant Water Co., N. Y. . 9,250 00 10,000 00 10,000 00 

National Water Works Co.,- N. Y., 97,500 00 100,000 00 109,000 00 

Galesburg Water Co., Ill 21,275 °° 23,000 00 22,655 00 

Council Bluffs City Water W'ks, Mo., 30,000 00 30,000 00 30,000 00 

St. Joseph Water Co., Mo 100,000 00 100,000 00 115,000 00 

City of Fairfield Water Co., la. . . . 17,575 00 19,000 00 19,950 00 
Omaha City Water Works Co., Neb., 75,00000 75,00000 90,00000 
Leavenworth City & Fort Leaven- 
worth Water Co., Kan 50,000 00 50,000 00 55,000 00 

Knoxville Water Works Co., Tenn., 25,000 00 25,000 00 25,000 00 

Silverton Water Works Co., Col. . . 26,600 00 28,000 00 26,600 00 

Leadville Water Co., Col 32,875 00 34,000 00 34,000 00 

M ISCELLANEOUS — 

Western Union Tel. Co. stock. .. . 70,125 00 90,000 00 65,475 00 

Western Union Telegraph bonds.. 25,000 00 25,000 00 30,750 00 

Totals $2,980,085 76 #3> IQ 3,637 00 



METROPOLITAN LIFE INSURANCE COMPANY. 123 



METROPOLITAN LIFE INSURANCE COMPANY, 

NEW YORK CITY. 
Commenced Business, June, 1867. 
Joseph F. Knapp, President. John R. Hegeman, V. P. and Secretary. 

Attorney in Connecticut, Insurance Commissioner. 



I. CAPITAL. 

Capital stock paid up in cash $500,000 00 

Amount of net or ledger assets December 31, 1884 $2,097,559*76 

II. INCOME DURING THE YEAR. 

Cash received for premiums without 

deduction for commissions or other 

expenses $3,402,122 08 

Premium notes, loans, or liens taken 

in part payment for premiums 12,480 59 

Total $3,414,602 67 

Deduct amount paid to other com- 
panies for reinsurance of policies in 
this Company 78 07 



Total premium income $3,414,524 60 

Interest on mortgage loans 49,142 22 

Interest on bonds owned, and dividends on stock.. 25,119 78 

Interest on premium notes, loans, or liens 5>3^° 4 2 

Interest on other debts due the Company 6,218 98 

Rents for use of Company's property 28,5 1 1 39 

Total income 3,528,877 39 

Total $5,626,437 15 

III. DISBURSEMENTS DURING THE YEAR. 

Cash paid for losses and additions. . .$1,275,897 28 
Premium notes, loans, or liens used in 

payment of same 3>747 85 

Cash paid for matured endowments 

and additions 6,632 24 

Premium notes, loans, or liens used in 

payment of same ^487 76 

Total amount actually paid for losses and 

matured endowments $1,287,765 13 



124 METROPOLITAN LIFE INSURANCE COMPANY. 

Cash paid for surrendered policies 68,319 82 

Premium notes, loans, or liens used in purchase of 

surrendered policies, and voided by lapse 12,345 19 

Cash dividends paid to policy-holders 53>934 °3 

Total paid policy-holders $1,422,364.17 

Dividends to stockholders 35>ooo 00 

Commissions to agents 668,109 10 

Salaries of superintendents and assistant superintend- 
ents in the acquisition of net gain of 158,834 

industrial policies in 1885 376,5 15 23 

Medical examiners' fees 34,479 25 

Salaries and other compensation of officers and other 

office employes 89,258 94 

Taxes, licenses, fines, and fees 34> I °7 56 

Rent 34,66o 14 

Commuting commissions 284,327 83 

Advertising, printing, stationery, express, law, and 

incidental expenses 89,653 57 

Total disbursements ,, 3,068,475 79 

Balance $2 557,961 36 



IV. ASSETS. 

AS PER LEDGER ACCOUNTS. 

Real estate unencumbered, as per Schedule A $345>374 3§ 

Loans on bond and mortgage (first liens) 1,089,250 00 

Loans secured by pledge of bonds, stocks, or other 

marketable collaterals, as per Schedule C 110,000 00 

Premium notes, loans, or liens on policies in force . . 155,671 22 
Cost value of bonds and stocks owned absolutely, 

as per Schedule E 793,490 62 

Cash in Company's office j 

Cash deposited in banks f ^5> 53 4 

Furniture, fixtures, and safes 19,021 72 

Total net or ledger assets $2,557,961 36 



OTHER ASSETS. 

Interest due and accrued on bond and mortgage loans 12,110 50 

Interest due and accrued on bonds and stocks 6,669 x 7 

Interest due and accrued on collateral loans 460 28 

Rents due and accrued on Company's property or leases !>594 89 

Market value of real estate over cost, as per Schedule A 39> I2 5 62 

Market value of bonds and stocks over cost, as per Schedule E. . . . 5l>999 38. 



METROPOLITAN LIFE INSURANCE COMPANY. 125 

Gross premiums due and unreported on policies in 
force December 31, 1885 $124,523 28 

Gross deferred premiums on policies in force De- 
cember 31, 1885 43,044 88 

Total $167,568 16 

Deduct the loading on above gross amount. . 33,5*3 63 

Net amount of uncollected and deferred premiums 134,054 53 

Total assets $2,803,975 73 



ITEM NOT ADMITTED. 
Furniture, fixtures, and safes 19,021 72 



Total assets (less item not admitted) $2,784,954 01 



V. LIABILITIES. 

Net present value of all the outstanding policies in force December 
31, 1885, computed according to the Actuaries' or Combined 

Experience Table of Mortality, with four per cent, interest $2,234,972 60 

Total policy claims 16,101 91 

Dividends due policy-holders 9> r 45 *3 

Premiums paid in advance 2,546 56 

Amount of any other liability of the Company 5,723 00 

Liabilities on policy-holders' account $2,268,488 60 

Gross surplus, including capital, on policy-holders' account. . 516,465 41 

Total liabilities $2,784,954 01 



VI. PREMIUM NOTE ACCOUNT. 

Premium notes and loans on hand Dec. 31, 1884 . . $160,771 43 
Received during the year 12,480 59 

Total $173,252 02 



Deductions during the year. 
Notes and loans used in payment of losses and 

claims $5,235 61 

Notes and loans used in purchase of surrendered 

policies and void by lapse '. . . I2 ,345 19 

Total reduction of premium note account 17,580 80 

Balance note assets at the end of the year $155,671 22 



126 METROPOLITAN LIFE INSURANCE COMPANY. 

VII. EXHIBIT OF POLICIES. 

Policies in force at the end of previous year. 

Number. Amount. 

Whole life policies 4,282 $5,533,908 

Endowment policies no 85,169 

All other policies except industrial 56 73,7°8 

Industrial policies 670,999 7 1,965,635 

New policies issued and Old Policies revived during the year. 

Number. Amount. 

Whole life policies 170 164,037 

Endowment policies 3 3>ooo 

All other policies n 9,943 

Industrial policies 510,161 57,819,912 

Total number and amount 1,185,792 $135,655,312 

Deduct policies ceased to be in force 351,877 39,158,075 

Total policies in force at the end of the year. . . 833,915 $96,497,237 



Policies ceased to be in force during the year. 

Number. 

By death 13,801 

By maturity (end.) 12 

By surrender 302 

By lapse 337,747 

By change and decrease 10 

By not taken 5 

Total terminated 351,877 

VIII. BUSINESS IN CONNECTICUT DURING i{ 

Number. 
Number and amount of policies in force in Connecticut 

December 31, 1884 • 87 

Number and amount of policies issued during the year. ... 4 

Totals 91 

Deduct number and amount ceased to be in force. . 14 

Total number and amount in force Dec. 3 1, 1 885, 77 

Number. 

Industrial policies in force 18,787 

Number and amount claims unpaid December 31, 1884. . . None. 

Number and amount of losses and claims on policies in- 
curred during the year. .... 413 

Number and amount of losses and claims on policies paid 
during the year 412 

Premiums collected 



Amount. 

$1,279,776 

8,120 

522,097 

37,330,582 

11,000 

6,500 

$39,158,075 



Amount. 

$199,281 OO 
4,000 OO 



$203,281 OO 
50,000 OO 

$153,281 OO 

Amount. 
2,070,027 OO 



40,921 88 

39,921 88 
86,528 51 



METROPOLITAN LIFE INSURANCE COMPANY. 



127 



Schedule A — Real Estate owned by the Company. 

In New York City $300,000 00 

Brooklyn 84,500 00 



Total 



,500 00 



Schedule C- 



Erie R. R. 1st consol. g. m. bonds. . . 
Del. & Hudson Can. Co. 1st mort. bonds 
Long Island Loan & Trust Co. stock . . 
St. Louis & Iron Mount'n R. R. 1st m. bds 
National Shoe & Leather Bank stock . . 
St. Paul, Minn. & Man. R. R. 1st m. bds 
Chicago, Mil. & St. Paul R. R. 1st m. bds 



Loans on Collateral. 

Par Value. Market Value. Amt. Loaned. 

$20,000 $25,550 $23,500 OO 

10,000 11,900 10,500 OO 

10,000 12,000 11,000 OO 

10,000 11,200 10,000 OO 

5,400 7,290 6,500 OO 

10,000 11,750 10,500 OO 

35,000 40,650 38,000 OO 



Totals $100,400 $120,340 $110,000 00 



Schedule E — Stocks and Bonds owned by the Company. 

Cost Value. Par Value. Market Value. 



United States Bonds — 

United States 4^ p. c 

4P-c 

" 6 p. c 

Municipal Bonds — 

BrooklynytN. Y., bridge, 6 p. c. . 

Rochester, N. Y., city, 7 p. c 

Lockport, N. Y., city, 7 p. c 

Peekskill, N. Y., water, 7 p. c. . . 

Brooklyn, N. Y., water, 7 p. c . . . 
Railroad Bonds — 

Chicago, Mil. & St. Paul 6 p. c. . . 

C, Col., C. & Ind. 1st m. 7 p. c, 
Chi., Mil. & St. Paul 1st m. 7 p. c, 
C.,St.P., Minn.&O. 1st m. 6 p. c, 
St. Joseph & G. I, 1st m. 6 p. c. . 
Albany & Susque. 1st m. 6 p. c. . . 
Minnesota & St. L. 1st m. 7 p. c, 
Chi. & E. Illinois 1st m. 6 p. c. . . 
Northern Illinois 1st m. 5 p. c. . . 
Buff., N. Y. & Phila. 1st m. 6 p. c, 
F., E. & Miss. Val. 1st m. 6 p. c. . . 

Miscellaneous — 

D. & H. Can. Co. 1st m. 7 p. c. bds, 

Totals 



210,507 60 $190,000 00 
60,469 82 60,000 00 

23,785 61 22,000 00 



22,483 74 

38,409 15 
27,191 78 
25,872 60 
31,452 82 

45,407 5o 
33,965 00 
31,250 OO 
33,450 OO 
25,875 OO 
22,710 OO 
29,500 OO 
26,250 OO 
26,750 OO 
50,000 OO 
9,440 OO 

18,720 00 



21,000 OO 
38,000 OO 
25,000 OO 
25,000 OO 
25,000 OO 

41,000 OO 
29,000 OO 
25,000 OO 
30,000 00 
25,000 00 
20,000 OO 
25,000 OO 
25,000 OO 
25,000 00 
50,000 OO 
8,000 OO 

16,000 OO 



#793.49° 62 $725,000 00 



$214,225 00 
74,550 00 
29,700 00 

29,820 OO 
53,960 OO 
.31,000 00 
35,000 OO 
38,000 OO 

48,380 OO 
36,250 OO 
31,500 OO 
36,000 OO 
26,125 00 
23,750 OO 
29,500 OO 
27,500 OO 
26,750 OO 
25,000 OO 
9,440 OO 

19,040 OO 
,490 OO 



128 MUTUAL BENEFIT LIFE INSURANCE COMPANY. 

MUTUAL BENEFIT LIFE INSURANCE COMPANY, 

NEWARK, N. J. 

Commenced Business, April, 1845. 

Amzi Dodd, President, Edward L. Dobbins, Secretary. 

Attorney in Connecticut, INSURANCE COMMISSIONER. 



I. CAPITAL. 

No capital stock. 

Amount of net or ledger assets December 31, 1884 $36,971,121 51 



II. INCOME DURING THE YEAR. 

Cash received for premiums without 
deduction for commissions or other 

expenses $2,782,792 20 

Premium notes, loans, or liens used 

in part payment for premiums 416,934 84 

Premiums paid by dividends and sur- 
rendered policies 1,237,824 01 

Cash received for annuities 23,570 97 

Premiums on new business (including 
annuities), $749,927.66 ; on old, 

$3,711,194.36. 

Total premium income $4,461,122 02 

Interest on mortgage loans 889,012 46 

Interest on bonds owned, and dividends on stock. . 546,068 18 

Interest on premium notes, loans, or liens 246,911 34 

Interest on other debts due the Company 139,234 25 

Discount on claims paid in advance 633 84 

Rents for use of Company's property 35.167 50 

Balance of profit and loss account 5,688 09 

Total income 6,323,837 68 

Total $43,294,959 *9 



MUTUAL BENEFIT LIFE INSURANCE COMPANY. 129 

III. DISBURSEMENTS DURING THE YEAR. 

Cash paid for losses and additions. . .$2,266,623 22 
Premium notes, loans, or liens used in 

payment of same 1 17,267 96 

Cash paid for matured endowments 

and additions 251,531 02 

Premium notes, loans, or liens used in 

payment of same 5,626 13 

Total amount actually paid for losses and 

matured endowments $2,641,048 33 

Cash paid to annuitants I2 )356 32 

Cash paid for surrendered policies 290,640 19 

Premium notes, loans, or liens used in purchase of 

surrendered policies and void by lapse 153,111 38 

Cash surrender values, including reconverted addi- 
tions, applied in payment of premiums 234,466 74 

Cash dividends paid to policy-holders and applied 

in payment of premiums 1,101,252 50 

Premium notes, loans, or liens used in payment of 

dividends to policy-holders 19,126 97 

Total paid policy-holders $4,452,002 43 

Commissions to agents and agency expenses 428,571 55 

Medical examiners' fees 32,290 41 

Salaries and other compensation of officers and other 

office employes 1 17,645 61 

Taxes, licenses, fines, and fees 148,345 76 

Advertising, law, and miscellaneous expenses 70,028 29 

Total disbursements $5,248,884 05 

Balance $38,046,075 14 

IV. ASSETS. 

AS PER LEDGER ACCOUNTS. 

Real estate unencumbered, as per Schedule A $200,000 00 

Ledger value of real estate purchased on foreclosure, i j745,Q37 59 

Loans on bond and mortgage (first liens) 17,337,408 34 

Loans secured by pledge of bonds, stocks, or other 

marketable collaterals as per Schedule C 2,635,000 00 

Loans made in cash to policy-holders, on this Com- 
pany's policies assigned as collateral 435,661 69 

Premium notes, loans, or liens on policies in force. . 4,207,348 22 
Par value of bonds and stocks owned absolutely, as 

per Schedule E 10,402,572 57 

Cash in Company's office 126,224 2 & 

Cash deposited in banks 877,633 47 

Agents' ledger balances and cash obligations 9,532 81 

Premiums in transit, since received 69,656 17 

Total net or ledger assets $38,046,075 14 

9 



130 MUTUAL BENEFIT LIFE INSURANCE COMPANY. 

OTHER ASSETS. 

Interest due and accrued on bond and mortgage loans 267,721 44 

Interest due and accrued on bonds and stocks 126,616 01 

Interest accrued on collateral loans 1 1,980 70 

Interest accrued on premium notes, loans, or liens 1 15,702 08 

Market value of bonds and stocks over par value, as per Schedule E, 789,277 00 

Gross premiums due and unreported on policies in 

force December 31, 1885 $89,587 87 

Gross deferred premiums on policies in force Decem- 
ber 31, 1885 258,106 91 

Total . . $347,694 78 

Deduct the loading on above gross amount. . 69,538 95 

Net amount of uncollected and deferred premiums 278,155 83 

Total assets $39,635,528 20 



ITEM NOT ADMITTED. 

Agents' balances and cash obligations 9,53 2 81 



Total assets (less item not admitted) $39,625,995 39 



V. LIABILITIES. 

Net present value of all the outstanding policies in force December 
31, 1885, computed according to the Actuaries' or Combined Ex- 
perience Table of Mortality, with four per cent, interest $36,036,899 00 

Claims for death losses and matured endowments 

in process of adjustment or adjusted and not due . $208,728 43 

Claims for death losses and other policy claims re- 
sisted by the Company 20,000 00 

Total policy claims 228,728 43 

Unpaid dividends of surplus, or other profits due policy-holders. . . . 193,746 37 

Premiums paid in advance " 12, 182 28 

Liabilities on policy-holders' account $36,471,556 08 

Gross surplus on policy-holders' account 3,154,439 31 

Total liabilities $39,625,995 39 



VI. PREMIUM NOTE ACCOUNT. 
Premium notes, loans, or liens on hand December 

3.1. ^84 $4,136,977 45 

Received during the year 416,934 84 

Total $4,553,912 29 



MUTUAL BENEFIT LIFE INSURANCE COMPANY. 131 

Dedurtions during the year. 

Notes, loan6, or liens used in payment of losses and 

claims $122,894 09 

Notes, loans, or liens used in purchase of surrendered 

policies, and voidbylapse 153,111 38 

Notes, loans, or liens used in payment of dividends 

to policy-holders 19,126 97 

Notes, loans, or liens redeemed by maker in cash. . 51,431 63 

Total reduction of premium note account 346,564 07 

Balance note assets at the end of the year $4,207,348 22 



VII. EXHIBIT OF POLICIES. 

Policies and Additions in force at the end of the previous year. 

Number. Amount. 

Whole life policies .*. 41,507 $1 13,991,923 

Endowment policies 6,860 16,384,470 

All other policies i>994 5,467,150 

New Policies issued during the year. 

Number. Amount. 

Whole life policies 2,655 7,246,089 

Endowment policies 2,134 5,249,061 

All other policies 819 2,215,700 

Old Policies revived during the year. 

Number. Amount. 

Whole life policies 27 76 500 

Endowment policies 3 g qqq 

Old policies increased during the year. 

Number. Amount. 

Whole life policies 7 g g- 

Endowment policies 6 16 830 

Reversionary additions by dividends. 

Number. Amount. 

Whole life policies .... r r y. 

Endowment policies .... 2034. 

Total number and amount 56,012 $150,669,897 

Deduct policies ceased to be in force 4,166 11,253 090 

*Total policies in force at the end of the year. 51,846 $139,416,807 
*Annuity Bonds in force, not included, 36, for $15,189.58. 



132 MUTUAL BENEFIT LIFE INSURANCE COMPANY. 

Policies ceased to be in force during the year. 

Number. Amount. 

By death 810 #2,391,334 

By maturity (end) 118 260,300 

By expiry (term) 430 1,159,900 

By surrender ; 1,674 4,719,036 

By lapse 647 1,580,170 

By not taken 487 1,142,350 

Total terminated 4,166 #1 1,253,090 

VIII. BUSINESS IN CONNECTICUT DURING 1885. 

Number. Amount. 

Number and amount of policies in force in Connecticut 

December 31, 1884 1,322 #2,725,918 

Number and amount of policies issued during the year ... . 125 271,976 

Totals 1.447 #2,997,894 

Deduct number and amount ceased to be in force . . 79 157,618 

Total number and amount in force Dec. 31, 1885, 1,368 #2,840,276 

Number. Amount. 

Number and amount of losses and claims on policies unpaid 

December 31, 1884 .... #3,000 00 

Number and amount of losses and claims on policies in- 
curred during the year .... 53,205 00 

Totals .... #56,205 00 

Number and amount pf losses and claims on policies paid 

during the year .... #53,205 00 

Premiums collected .... 66,594 35 

Schedule A — Real Estate owned by the Company. 

In Newark, N. J., Company's office #200,000 00 

Elsewhere in New Jersey 1,633,932 92 

In New York 111,104 67 

Total #i,945>°37 59 

Schedule C — Loans on Collateral. 

Par Value. Market Value. Amt. Loaned. 

United States reg. 4 p. c. bonds #250,000 #307,812 #275,000 00 

" reg. 4 p. c. bonds 130,000 160,062 -\ 

" reg. 4^ p. c. bonds 70,000 78,837 I 250,000 00 

" coup. 4 p. c. bonds 30,000 37,200 J 

" coup. 4j£ p. c. bonds 200,000 225,500 215,000 00 

" reg. 4 p. c. bonds 50,000 61,562 55,00000 

" reg. 4^ p. c. bonds 30,000 33,787 -j 

" reg. 3 p. c. bonds 12,000 12,450 \ 45 ,000 00 

" coup. 4 p. c. bonds 3,000 3,720 J 



MUTUAL BENEFIT LIFE INSURANCE COMPANY. 



133 



Par Value. 

United States coup. 4 p. c. bonds 465,000 

Albany & Susquehanna R. R. bonds 70,000 

Baltimore & Ohio R. R. bonds 50,000 

New York Central R. R. bonds 50,000 

New York & Harlem pref. R. R. stock.. . . 65,000 

Broadway & Seventh Avenue R. R. stock, 15,000 

Twenty-third Street R. R. stock 5,000 

New York Central R. R. bonds 300,000 

American Telegraph & Cable Co. stock. . . 80,000 

Equitable Gas Co. stock 20,000 

Western Union Telegraph Co. stock 20,000 

Northern Illinois R. R. bonds 100,000 

New York City 6 p. c. bonds 28,000 

St. Louis Water bonds 24,000 

Lake Shore R. R. bonds 23,000 

Morris & Essex R. R. bonds 20,000 

Union Pacific, Kansas Pacific, R. R. bonds, 5, 000 

Lake Shore R. R. bonds 150,000 

Pullman Palace Car Co. stock 100,000 

Chi., St. P., Minnea. & Q. pref. R. R. stk, 10,000 

American Telegraph & Cable Co. stock. . . 10,000 

Chi., Mil. & St. Paul pref. R. R. stock 10,000 

Chicago, Rock Island & Pacific R. R. stk, 10,000 

Richmond & Danville R. R. bonds 10,000 

St. Louis & Iron Mountain R. R. bonds. . . 4,000 

Syracuse, Binghampton & N. Y. R. R. bds, 4,000 

Southern Pacific of California R. R. bonds, 2,000 

Citizens Gas Light Co. stock 3 2 >55° 

Pullman Palace Car Co. stock 20,000 

Totals £2,477,550 



Market Value. 
576,600 '] 

81,900 i 

53,875 f 

54,5oo j 

137,800 1 

41,400 j 

13,000 \ 
399,375 j 
53,°°° ] 
28,000 

i4,55o 
105,000 
37,800 
24,480 
29,900 
28,800 

4,987 J 
184,750 

133,250 
10,300 "] 
6,700 I 

12,400 ! 
12,850 I 

",475 j 
4,480 j 

5,340 I 
2,100 j 
39,060 
26,650 



Amt. Loaned. 



700,000 OO 



500,000 OO 



250,000 OO 



150,000 OO 
100,000 OO 



50,000 OO 



30,000 OO 
15,000 OO 



5,055,852 £2,635,000 OO 



Schedule E — Stocks and Bonds owned by the Company. 

Par Value. Market Value. 

United States Bonds — 

United States 3 p. c £660,000 00 £660,000 00 

County and Municipal Bonds — 

Essex County, N. J., 7 p. c 1,153,500 00 1,392,225 00 

" " " 5 p. c 75,ooo 00 79,300 OO 

" " " 4^ p. c 90,00000 90,00000 

" ■ " " 4 p. c 30,000 00 30,000 OO 

Union " " 6 p. c 75,00000 77,40000 

Buchanan County, Mo., 5 p. c 530,400 00 530,400 00 

Woodbury County, la., 6 p. c 115,000 00 118,450 00 

Randolph County, Ind., $*4 p. c 23,500 00 23,500 00 

Tippecanoe County, Ind., 5 p. c 75,ooo 00 75,ooo 00 



134 



MUTUAL BENEFIT LIFE INSURANCE COMPANY. 



Par Value. Market Value. 

City of Toledo, Ohio, 8 p. c 173,000 00 212,790 00 

" Lafayette, Ind., 8 p. c 160,000 00 195,200 00 

" Erie, Pa., 7 p. c 152,000 00 171,760 00 

" Sandusky, Ohio, 7 p. c 100,000 00 1 10,000 00 

" Cleveland, Ohio, 7 p. c 400,000 00 460,000 00 

" South Bend, Ind., 5 p. c 153,000 00 153,000 00 

" Springfield, 111., 5 p. c 114,300 00 114,300 00 

" Saginaw, Mich., 5 p. c 100,000 00 105,000 00 

" Newark, N. J., 7 p. c 2,475,000 00 2,839,250 oo 

" Orange, N. J., 7 p. c 60,000 00 72,800 06 

" New Brunswick, N. J., 7 p. c 14,000 00 14,980 00 

" Elizabeth, N. J. (adjustment), 4 p. c. . . . 662,480 00 596,232 00 

" Rahway, N. J., 4 p. c 49,40133 44,46133 

Township of Montclair, N. J., 5 p. c 325,000 00 325,000 00 

Township of West Orange, N. J., 7 p. c 135,500 00 167,390 00 

Temporary tax loan, Elizabeth, N. J., 6 p. c. . . . 40,991 24 40,991 24 
Railroad Bonds — 

Grand Rapids & Indiana 7 p. c 50,000 00 59,000 00 

Belvidere, Delaware, 4 p. c 500,000 00 500,000 00 

West Shore certificates (guaranteed by New York 

Central & Hudson River) 4 p. c 437,500 00 437,500 00 

Newark & New York 1st mort. 7 p. c. (full issue, 

$600,000) 573,000 00 595,920 oo< 

Central of New Jersey receiver's certificates 6 p. c. 

(first liens) 800,000 00 800,000 00 

Miscellaneous — 

Lehigh & Wilkesbarre Coal Co. 6 p. c. mort bds., 100,000 00 100,000 00 



Totals $10,402,572 57 $11,191,849 57 



MUTUAL LIFE INSURANCE COMPANY. 135 



MUTUAL LIFE INSURANCE COMPANY, 

NEW YORK CITY. 

Commenced Business, February I, 1843. 

Richard N. McCurdy, President. Wm, J. Easton, Secretary. 

Attorney in Connecticut, Insurance Commissioner. 



I. CAPITAL. 

No Capital Stock. 

Amount of net or ledger assets December 31, 1884 $97>o°9,9i3 08 



II. INCOME DURING THE YEAR. 

Cash received for premiums without 

deductions for commissions or other 

expenses '. $14,721,967 36 

Premiums received on new business, 

$5,238,809.21; on old, $9,483,- 

158.15- 
Cash received for annuities 46,934 57 

Total premium income $14,768,901 93 

Interest on mortgage loans 2,733,415 64 

Interest on bonds owned, and dividends on stock. . 2,005,430 94 

'Interest on other debts due the Company 350,712 74 

Rents for use of Company's property 35^,493 03 

Total income $20,214,954 28 

Total $117,224,867 36 

III. DISBURSEMENTS DURING THE YEAR. 

Cash paid for losses and additions. . $5,920,033 56 
Cash paid for matured endowments 

and additions 2,070,402 75 

Total amount actually paid for losses and 

matured endowments $7,990,436 31 

Cash paid to annuitants 28,876 55 

Cash paid for surrendered policies and additions. . . 3,199,713 59 

Cash dividends paid to policy-holders 3,183,023 45 

Total paid policy-holders. . . .$14,402,049 90 



136 MUTUAL LIFE INSURANCE COMPANY. 

Commissions to agents 1,228,679 84 

Salaries and expenses of law department 136,148 56 

Medical examiners' fees and expenses 104,256 55 

Salaries and other compensation of officers and 
other office employes, not including law or med- 
ical departments 326,088 64 

State and local taxes in State where organized, 

taxes, licenses, fines, and fees in other States. . . . 266,656 50 

Rent 85,671 00 

Premium charged off on securities purchased 469,882 87 

Advertising 87,982 90 

Exchange and postage, printing, stationery, and 

sundry other expenses 25 1,806 49 

Total disbursements $17,359,223 25 

Balance $99,865 ,644 1 1 



IV. ASSETS. 

AS PER LEDGER ACCOUNTS. 

Present value of real estate unencumbered, as per 

Schedule A $10,992,720 45 

Loans on bond and mortgage (first liens) 49,228,930 16 

Loans secured by pledge of bonds, stocks, or other 

marketable collaterals, as per Schedule C 3,856,500 00 

Par value of bonds and stocks owned absolutely, as 

per Schedule E 32,978,300 00 

Cash in Company's office, and deposited in banks . . 2,619,643 21 

Bills receivable, suspense account 185,861 66 

Agents' ledger balances 3,688 63 

Total net or ledger assets, less depreciation $99,865,644 II 



OTHER ASSETS. 

Interest due and accrued on loans 1,217,329 85 

Market value of bonds and stocks over par, as per Schedule E. . . . 6,387,804 00 

Gross premiums due and unreported on policies in 

force December 31, 1885 $222,264 22 

Gross deferred premiums on policies in force Decem- 
ber 31, 1885 1,215,925 33 

Total $1,438,189 55 

Deduct the loading on above gross amount. . 287,637 91 

Net amount of uncollected and deferred premiums 1,150,551 64 

Total assets $108,621,329 60 



MUTUAL LIFE INSURANCE COMPANY. 



137 



ITEMS NOT ADMITTED. 

Agents' balances $3,688 63 

Bills receivable, suspense account 185,861 66 

Total 189,550 29 

I 

Total assets (less items not admitted) $108,431,779 31 



V. LIABILITIES. 

Net present value of all the outstanding policies in force December 
31, 1885, computed according to the Actuaries' or Combined Ex- 
perience Table of Mortality, with four per cent, compound interest, $100,472,145 00 

Claims for death losses due and unpaid $54,800 00 

Claims for death losses and matured endowments in 

process of adjustment, or adjusted and not due. . . 820,426 00 

Claims for death losses and other policy claims re- 
sisted by the Company or awaiting further proof . . 92,752 00 

Total policy claims 967,978 00 

Premiums paid in advance 50,080 73 

Amount of any other liability of the Company 41,650 00 

Liabilities on policy-holders' account $101,531,853 73 

Gross surplus on policy-holders' account ' 6,899,925 58 

Total liabilities $108,431,779 31 



VI. PREMIUM NOTE ACCOUNT. 
No premium notes. 



VII. EXHIBIT OF POLICIES. 

Policies and Additions in force December 31, 1884. 

Number. Amount. 

Policies in force 114,804 $325,318,317 

Additions in force .... 26,470,968 

Total in force December 31, 1884 114,802 $351,789,285 

Risks assumed. 

Number. Amount. 

Policies issued during the year 13,704 39,142,313 

Policies restored during the year 617 1,994,980 

Additions credited .... 5,365,601 

Totals 14,321 $46,502,894 



f 
138 MUTUAL LIFE INSURANCE COMPANY. 

Risks terminated. 

Number. Amount. 

By death 1,611 #5,071,576- 

By maturity 789 1,767,806 

By expiry 4 17,000 

By surrender 1,704 5,682,720 

By lapse 2,700 6,938,290 

By decrease .... 316,505 

By not taken 1,435 4,463.145 

Additions terminated by death, maturity, surrender and lapse, .... 5,082,800 

Totals 8,243 #29,339,842 

Policies and Additions in force December 31, i88£. 

Numbers.' Amounts. Additions. Total Insurance. 

Whole life policies 94,541 #273,994,738 #24,267,792 #298,262,530 

Endowment policies ... . 26,330 68,197,930 2,484,189 70,682,119 

All other policies 11 5,900 1,788 7,688 

Totals 120,882 #342,198,568 #26,753,769 #368,952,337 

VIII. BUSINESS IN CONNECTICUT DURING 1885. 

Number. Amount. 
Number and amount of policies in force in Connecticut 

December 31, 1884 4,59 2 #11,843,161 

Number and amount of policies issued during the year. . . 424 1,140,065 

Totals 5,oi6 #12,983,226 

Deduct number and amount ceased to be in force. . 242 624,125 

Total number and amt. in force Dec. 31, 1885, 4,774 #12,359,101 



Number and amount of losses and claims on policies un- 
paid December 31, 1884 

Number and amount of losses and claims on policies in- 
curred during the year 

Total 

Number and amount of losses and claims on policies paid 

during the year. 

Premiums collected in cash 



Number 



Amount. 
#58,067 OO. 

334,705 OO 
#392,772 OO 

360,960 OO 

$420,433 91 



Schedule A — Real Estate owned by the Company. 

Company's office, buildings in New York, 

Philadelphia and Boston #6,382,054 83 

Real estate purchased under foreclosure of 

mortgage 4,610,665 62 

Total • #10,992,720 45 



MUTUAL LIFE INSURANCE COMPANY. 



139 



Schedule C — Loans on Collateral. 



Bank of New York stock 

Brooklyn Trust Co. stock 

Broadway & Seventh Avenue R. R. stock 

Baltimore & Ohio R. R. Co. stock 

Baltimore & Ohio R. R. (Washington branch) stock, 

Central Ohio R. R. stock 

Chicago & Northwestern Railway stock 

Chicago & Northwestern Railway preferred stock . . 

Chicago, Milwaukee & St. Paul R. R. stock 

Chicago & Alton R. R. stock 

Chicago, Rock Island & Pacific R. R. stock 

Chicago, Burlington & Quincy R. R. stock 

Chatham National Bank stock 

Central Trust Co. stock 

Continental Fire Insurance Co. stock 

Central Park, North & East River R. R. stock 

City Bank of Plainfield, N. J., stock 

Delaware & Hudson Canal Co. stock 

Detroit, Hillsdale & Southwestern R. R. stock .... 

Fulton & Municipal Gas Co. stock 

Georgia R. R. & Banking Co. stock 

Kansas City, St. Louis & Chicago R. R. stock 

Morgan's Louisiana & Texas R. R. & S. S. Co. stk., 
New York, New Haven & Hartford R. R. stock. . . 

New York & Harlem R. R. stock 

New York Life Insurance & Trust Co. stock 

New York Guarantee & Indemnity Co. stock 

Pullman Palace Car Co. stock 

Pennsylvania R. R. Co. stock 

St. Paul, Minneapolis & Manitoba R. R. stock .... 

Twenty -third Street Railway Co. stock 

Second Avenue C. R. R. stock 

Union Trust Co. stock . ,, 

Union National Bank, Chicago, stock 

Baker County, Kan., bonds 

Coffey County, Kan. , bonds 

Cloud County, Kan., bonds 

Chesapeake & Ohio R. R. Co. bonds 

Chicago, Milwaukee & St. Paul R. R. bonds 

Chesapeake & Ohio (Southwest) R. R. bonds 

Fonda, Johnstown & Gloversville R. R. bonds .... 

Greenpoint Ferry Co. bonds 

Galveston, Harrisburg & San Antonio R. R. bonds, 

Jersey City, N. J., bonds 

Kentucky Central R. R. bonds 

Kaw County, Kan., bonds 

Louisville, New Orleans & Texas R. R. bonds .... 



D ar Value. 


Market Value. 


$8,000 


$13,600 


4,575 


9,836- 


10,000 


27,600 


215,300 


376,775 


215,000 


376,250 


333,750 


333,750- 


37,5°o 


41,250 


2,500 


3,400 


10,000 


9,500 


35>°°° 


49,000 


40,000 


51,200 


35,500 


48,635 


32,500 


48,750 


16,000 


53,600 


2,000 


4,000 


7,000 


9,800 


1,000 


1,000 


5,000 


4,800 


300,000 


210,000 


5,000 


8,100 


110,000 


165,000 


10,000 


13,000 


500,000 


625,000 


10,000 


20,400 


10,000 


21,200 


200 


97o 


6,800 


6,800 


1 10,000 


146,300 


67,75o 


73, I 7o 


25,000 


27,500 


12,500 


32,500 


2,000 


4,100 


7,600 


26,600 


160,000 


224,000 


1,000 


1,000 


1,000 


1,000 


2,000 


2,000 


42,000 


33,600 


5,000 


5,85o 


100,000 


88,000 


55,o°° 


55,000 


25,000 


25,000 


320,000 


288,000 


1,000 


1,000 


220,000 


154,000 


2,000 


2,000 


100,000 


90,000 



140 



MUTUAL LIFE INSURANCE COMPANY. 



Par Value. Market Value. 

Morgan's Louisiana & Texas R. R. & S. S. Co. bds., 90,000 95, 400 

Metropolitan Elevated R. R. Co. bonds 18,000 20,460 

Memphis & Charleston R. R. Co. bonds 50,000 57,5°° 

Ottawa County, Kan., bonds 5,ooo 5,000 

Pratt Coal & Iron Co. bonds 300,000 300,000 

Rome, Watertown & Ogdensburg R. R. bonds .... 15,000 I 3,35° 

Roseville, 111., bonds 1,000 1,000 

Southern Pacific R. R. of California bonds 150,000 157,500 

Sheridan County, Kan., bonds 3,000 3,000 

Texas & New Orleans R. R. Co. bonds 300,000 300,000 

United States bonds ♦. 50,000 62,000 

Virginia Midland R. R. bonds 221,000 221 ,000 

Wisconsin, Iowa & Nebraska R. R. bonds 50,000 30,000 

West Shore & Ontario Terminal Co. bonds 875,000 455,000 

Totals $5,349=475 #5>535.o4° 

Recapitulation. 

Par Value. Market Value. 

Total stock collaterals $2,347,475 $3,067,386 

Total bond collaterals 3,002,000 2,467,660 

Total collateral securities $5,349,475 $5>535,°46 

Amount loaned thereon $3,856,500 00 



Schedule E — Stocks and Bonds ozvned by the Company. 

Par Value. Market Value. 

United States, State, and District Bonds — 

United States 4 and 6 p. c 2,260,000 00 2,788,550 00 

Georgia, 7 p. c 85,000 00 86,063 00 

District of Columbia 6 and 7 p. c 322,100 00 396,362 00 

Municipal and County Bonds — 

Augusta, Ga. 6pc $15,000 00 $16,500 00 

Atlanta, Ga. 5 and 7 p. c 56,000 00 59,264 00 

Boston, Mass. 5 p. c 400,000 00 517,000 00 

Brooklyn, N. Y. 6 and 7 p. c 1,228,000 00 1,762,320 00 

Buffalo, N. Y. 7 p. c 130,500 00 140,269 00 

Cherry Valley, 7 p. c 23,500 00 26,085 00 

Des Moines, Iowa, 5^ p. c 95,ooo 00 100,738 00 

Elmira, N. Y., 7 p. c 40,000 00 46,05 2 00 

Elizabeth, N. J., 4 p. c 7,5°o 00 4,725 00 

Essex County, N. J., 7 p. c 8,000 00 9,180 00 

Galveston, Texas, 5 p. c 133,000 00 125,565 00 

Hudson County, N. Y., 43^, 5 and 7 p. c 460,000 00 512,330 00 

Jersey City, N. J., 6 and 7 p. c 499,500 00 546,328 00 

Milwaukee County, Wis., 8 p. c 132,000 00 145,382 00 

Middlesex County, N. J., 7 p. c 5,ooo 00 6,181 00 

North Plainfield, N. J., 6 p. c 13,000 00 13,696 00 

New Brunswick, N. J., 6 and 7 p. c 119,300 00 119,415 00 



MUTUAL LIFE INSURANCE COMPANY. 



141 



Par Value. Market Value. 

Newark, N. J., 6 and 7 p. c 410,000 00 49 I »975 °° 

Nashville, Tenn., 5^ and 6 p. c 370,000 00 381,665 00 

New York City 5, 6 and 7 p. c 1,913,200 00 2,576,794 00 

Omaha, Neb., 5 p. c 115,000 00 121,268 00 

Orangetown School Dist., 4 p. c 8,000 00 8,080 00 

Ramsay County, Minn., 5 p. c 50,000 00 52,000 00 

San Antonio, Texas, 6 and 7 p. c 95,ooo 00 99,834 00 

St. Paul, Minn., 5 p. c 300,000 00 320,075 00 

San Francisco, Cal., 6 p. c 445,500 00 476,685 00 

Union County, N. J., 6 and 7 p. c 68,000 00 75,78o 00 

Yonkers, N. Y., 7 p. c ■ 100,000 00 141,626 00 

Railroad Bonds — 

Atlantic &' Gulf 7 p. c 125,500 00 146,208 00 

Albany & Susquehanna 6 and 7 p. c 1,000,000 00 1,224,560 00 

Atlanta & Charlotte 7 p. c 250,000 00 297,375 00 

Baltimore & Ohio (Parkersburg Branch) 6 p. c. . 100,000 00 121,000 00 

Burlington & Cedar Rapids, Northern, 5 p. c. . . . 76,000 00 74,480 00 

Buffalo, New York & Philadelphia 6 p. c 40,000 00 41,000 00 

Covington & Lexington 5 p. c 100,000 00 100,410 00 

Charlotte, Columbus & Augusta 7 p. c 15,000 00 16,875 °° 

Cleveland, Columbus, Cin. & Ind. 7 p. c 212,000 00 257,640 00 

Chicago, Milwaukee & St Paul 5, 6 and 7 p. c. . 1,656,000 00 1,895,816 00 

Cin. & Springfield, C, C, C. & I. & L. S. 7 p. c, 237,000 00 272,880 00 

Cincinnati, Hamilton & Dayton 6 and 7 p. c. . . . 300,000 00 342,810 00 

Chicago & Southwestern (Rock Island) 7 p. c. . . 150,000 00 192,240 00 

Cedar Rapids, Iowa, F. & No. W'n 5 & 6 p. c. . 248,000 00 258,340 00 

Chesapeake & Ohio 6 p. c 461,000 00 5°4,795 °° 

Chicago & Eastern Illinois 1st m. 6 p. c 50,000 00 58,000 00 

Chicago & Nortwestern 5 and 6 p. c 1,000,000 00 1,128,750 00 

Columbus & Toledo 7 p. c 95,000 00 107,264 00 

Columbus & Ind. Central 7 p. c 3 1,000 00 37,5 10 00 

Central Park, North & East River 7 p. c 36,000 00 44,489 00 

Cincinnati & Chicago Air Line 7 p. c 45,000 00 50,472 00 

Dakota Central 6 p. c 690,000 00 812,475 00 

Erie 1st mort. 7 p. c • • • • 77,000 00 98,560 00 

Elmira, Cortland & Northern 6 p. c 300,000 00 300,000 00 

Flint & Pere Marquette 6 p. c 300,000 00 348,000 00 

Fremont, Elkhorn & Missouri Valley 6 p. c. . .. 100,000 00 116,000 00 

Gulf, Col. & Santa Fe 1st mort. 7 p. c 250,000 00 288,750 00 

Hannibal & St. Joseph, 6 p. c 500,000 00 592,500 00 

Houston & Texas Central, 7 p. c 200,000 00 203,625 00 

Ind., Dec. & Springfield, 7 p. c 196,000 00 196,000 00 

Ind., Bloom. & Western 1st mort. 7 p. c 115,000 00 134,550 00 

Indianapolis & St. Louis (series A. B. C.) 7 p. c. 400,000 00 454,370 00 

Jeffersonville, Mad. & Ind., 7 p. c 100,000 00 1 16,750 00 

Jefferson 1st mort. 7 p.c 84,000 00 85,260 00 

Kansas City, St. Joseph & Council Bluffs 7 p. c. . 400,000 00 492,000 00 

Lake Erie & Western 1st mort. 6 p. c 125,000 00 111,250 00 

Lafayette, Bloomington & Muncie 6 p. c 125,00000 111,875 00 



142 



MUTUAL LIFE INSURANCE COMPANY. 



Par Value. Market Value. 

L'ke Shore & Mich. So. 1st and 2nd m. 7 p. c, .1,500,000 00 1,822,500 00 

Morgan's La. & Texas R. R.and S. istm. 7 pa, 250,000 00 296,875 00 

Michigan Central 1st mort. 6 p. c 150,000 00 174,000 00 

Morris & Essex, 7 p. c 100,000 00 126,000 00 

Mobile & Ohio 1st mort. 6 p. c 100,000 00 112,000 00 

Memphis & Charleston, Tenn. lien, 7 p. c 500,000 00 600,000 00 

Montgomery & Eufaula 6 p. c 89,000 00 93,45° 00 

Mississippi & Tennessee 1st mort. 8 p. c 91,000 00 109,200 00 

Minneapolis Street Railway 6 p. c 130,000 00 137,150 00 

Norfolk & Petersburg 2nd mort. 8 p. c 10,000 00 11,600 00 

N. Y., Lackawanna & Western 1st 6 p. c 1,000,000 00 1,230,000 00 

N. Y., Chicago & St. Louis istmort. 6 p. c. . . . 450,000 00 441,000 00 

Nashville, Chat. & St. Louis 1st m. 6and7 p. c. 301,000 00 358,326 00 

N. Y. Central & Hudson River 1st mort. 7 p. c, 500,000 00 666,250 00 

N. Y., Penn. & Ohio, prior lien, 6 p. c 55 5 ooo 00 57,75° 00 

Piedmont, Virginia, 1st mort. 8 p. c 61,000 00 66,490 00 

Pitts. Clev. & Toledo 1st mort. 6 p. c 500,000 00 535,000 00 

Pitts. Junction 1st mort. 6 p. c 500,000 00 525,000 00 

Rome, Watertown & Ogdensburg 7 p. c 159,000 00 171,945 00 

St. Paul City Railway Co., 6 p. c 285,000 00 302,100 00 

Syracuse, Bing. & N. Y. 7 p. c 238,000 00 316,540 00 

Southern Pacific of Missouri 6 p. c 233,000 00 239,990 00 

South Carolina par m. 1st mort. 6 p. c 450,000 00 488,250 00 

South Georgia & Florida 1st mort. 7 p c 8,000 00 9,680 00 

South Side of Virginia 1st mort. 6 and 8 p. c. . . . 40,000 00 42,024 00 

Texas & New Orleans 1st mort. 7 p. c 600,000 00 713,460 00 

Union Passenger Railway, Philadelphia, 5 p. c. . 27,000 00 29,363 00 

Virginia & Tennessee 8 p. c 10,000 00 12,500 00 

Railroad Stocks — 

Chicago, St. Paul, Minn. & Omaha 500,000 00 592,500 00 

Chicago, Milwaukee & St. Paul 275,000 00 341,000 00 

Chicago & Northwestern 500,000 00 680,000 00 

Morris & Essex 25,000 00 32,500 00 

New York & Harlem 420,000 00 890,400 00 

New York, New Haven & Hartford 109,200 00 222,768 00 

Naugatuck 80,000 00 158,400 00 

New York, Providence & Boston 160,000 00 272,000 00 

Pennsylvania 304,000 00 329,840 00 

Miscellaneous — 

American Dock & Improvement Co. 5 p. c. bds, 500,000 00 440,000 00 

Bleeker Street & Fulton Ferry 7 p. c. bonds 14,000 00 16,800 00 

Central R. R. & Banking Co., Ga., 7 p. c. bds, 666,000 00 749,250 00 

Delaware & Hudson Canal Co. 7 p. c. bonds. . , . 387,000 00 519,425 00 

Georgia R. R. & Banking Co. 6 and 7 p. c. bds, 200,000 00 214,500 00 

Municipal Gas Light Co , Yonkers, 6 p. c 27,000 00 27,000 00 

St. Paul Water Co., 8 p. c 26,500 00 30,282 00 

Western Transit Co. (N. Y. C.) 5 p. c. bonds. . . 350,000 00 357,280 00 

Real Estate and Auction Room stock 1,000 00 1,050 00 

Totals #32,978,300 00 #39,366,104 00 



NEW YORK LIFE INSURANCE COMPANY. 143 



NEW YORK LIFE INSURANCE COMPANY, 

NEW YORK CITY. 

Commenced Business, 1845. 

William H. Beers, President. Rufus W. Weeks, Actuary. 

Attorney in Connecticut, Insurance Commissioner. 



I. CAPITAL. 
No capital stock. 
Amount of net or ledger assets December 31, 1884 $56,039,851 50 



II. INCOME DURING THE YEAR. 

Cash received for premiums without 

deduction for commissions or other 

expenses $11,690,485 93 

Premiums on new business, $4,089,- 

342.97; on old, $7,601,142.96. 
Cash received for annuities 9 X 3>395 z 4 

Total $12,603,881 07 

Deduct amount paid to other com- 
panies for reinsurance of policies 
in this Company 123,033 07 

Total premium income $12,480,848 00 

Interest on mortgage loans 1,171,610 01 

Interest on bonds owned, and dividends on stock. . 1,721,567 56 

Interest on premium notes, loans, or liens 37,35* 94 

Interest on other debts due the Company 58,515 65 

Rents for use of Company's property 100,373 60 

Profit on bonds, stocks, or other property actually sold, 334,874 53 

Total income $15,905,141 29 

Total $71,944,992 79 



144 NEW YORK LIFE INSURANCE COMPANY. 

III. DISBURSEMENTS DURING THE YEAR. 

Cash paid for losses and additions. . .$3,058,855 62 
Premium notes, loans, or liens used in 

payment of same , . . . 19,004 02 

Cash paid for matured endowments 

and additions 739>9 I S 66 

Premium notes, loans, or liens used in 

payment of same 1,848 81 

Total $3,819,624 1 1 

Deduct amount received from other 
companies for losses or claims on 
policies of this Company reinsured, 78,750 00 

Total amount actually paid for losses 

and matured endowments $3,740,874 II 

Cash paid to annuitants 899,270 84 

Cash paid for surrendered policies -j 

Premium notes, loans, or liens used in purchase > 1,350,460 21 
of surrendered policies and void by lapse J 

Cash dividends paid to policy-holders and applied in 

payment of premiums 1,689,658 88 

Premium notes, loans, or liens used in payment of 

dividends to policy-holders 1,609 7 1 

Total paid policy-holders $7,681,873 75 

Commissions to agents 1,430,265 69 

Salaries and traveling expenses of managers of 
agencies, general, special and local agents, esti- 
mated 90,000 00 

Medical examiners' fees 104,513 99 

Salaries and other compensation of officers and other 

office employes 274,885 87 

State and local taxes in State where organized, taxes, 

licenses, fines, and fees in other States 127,109 25 

Advertising 96,610 45 

Office, law, and agency expenses 516,261 12 

Total disbursements $10,321,520^12 

Balance $61,623,472 67 



IV. ASSETS. 

AS PER LEDGER ACCOUNTS. 

Real estate unencumbered, as per Schedule A $6,855,532 63 

Loans on bond and mortgage (first liens) 18,159,500 00 

Loans secured by pledge of bonds, stocks, or other 

marketable collaterals, as per Schedule C 451,500 00 

Premium notes, loans, or liens on policies in force. . 416,034 15 
Cost value of bonds and stocks owned absolutely, as 

per Schedule E 33,640,220 56 



NEW YORK LIFE INSURANCE COMPANY. 145 

Cash in Company's office and in course of trans- 
mission since received 5,°°6 92 

Cash deposited in banks 2,037,535 68 

Agents' ledger balances 58*142 73 

Total net or ledger assets $61,623,472 67 

OTHER ASSETS. 

Interest due and accrued on bond and mortgage loans 193,982 06 

Interest due and accrued on bonds and stocks 229,736 20 

Rents due and accrued on Company's property, or leases 1 1,565 92 

Market value of bonds and stocks over cost, as per Schedule E 3>35 I »703 3 2 

Gross premiums due and unreported on policies in 

force December 31, 1885 $575*699 50 

Gross deferred premiums on policies in force De- 
cember 31, 1885 878,161 65 

Total $1,453,861 15 

Deduct the loading on above gross amount. . 290,772 23 

Net amount of uncollected and deferred premiums 1,163,088 92 

Total assets $66,573,549 09 

ITEM NOT ADMITTED. 
Agents' balances 58, 142 73 



Total assets (less item not admitted) $66,515,406 36 

V. LIABILITIES. 

Net present value of all the outstanding policies in 
force December 31, 1885, computed according to 
the Actuaries' or Combined Experience Table of 
Mortality, with four per cent, compound interest, $56,687,509 00 

Deduct net value of risks of this Company reinsured 

in other solvent companies 390,314 00 

Net reinsurance reserve $56,297,195 00 

Claims for matured endowments due and unpaid. . $41,854 06 

Claims for death losses and matured endowments in 

process of adjustment, or adjusted and not due . . 362,847 12 

Claims for death losses and other policy claims re- 
sisted by the Company • 30,000 00 

Annuity claims due and uncalled for 10,595 2I 

Total policy claims 445,296 39 

Premiums paid in advance 29,934 03 

Liabilities on policy-holders' account $56,772,425 42 

Gross surplus on policy-holders' account 9,742,980 94 

Total liabilities $66,515,406 36 

Estimated surplus accrued . on Tontine or other 
policies, the profits upon which are especially 
reserved for that class of policies $3,123,742 77 



146 NEW YORK LIFE INSURANCE COMPANY. 

VI. PREMIUM NOTE ACCOUNT. 

Premium notes, loans, or liens on hand December 

3 1 . 1884 #44°»o67 12 

Received during the year 64,515 84 

Total #504,582 96 

Deductions during the year. 

Notes, loans, or liens used in payment of losses and 

claims #20,852 83 

Notes, loans, or liens used in purchase of surrendered 

policies and void by lapse I 5>373 2 ° 

Notes, loans, or liens used in payment of dividends 

to policy-holders 1,609 7 1 

Notes, loans, or liens redeemed by maker in cash. . S .7 I 3 °7 

Total reduction of premium note account 88,548 81 

Balance note assets at the end of the year #416,034 15 

VII. EXHIBIT OF POLICIES. 

Policies and Additions in force at the end of the previous year. 

Number. Amount. 

Whole life policies, including joint life 52,819 #159,660,143 

Endowment policies 20,745 66,102,330 

All other policies, i. e., term and annuities 4.483 2,000 00 

Reversionary additions .... 3,618,1 13 

New Policies issued during the year. 

Number. .Amount. 

Whole life policies, including joint life 11,961 44,056,477 

Endowment policies 5.949 2I . 2 76,423 

All other policies, i. <?., term and annuities 586 198,613 

Old Policies revived during the year. 

Number. Amount. 

Whole life policies, including joint life 43 170,410 

Endowment policies 26 105,774 

All other, i. <?., term and annuity 1 .... 

Old Policies increased during the year. 

Number. ' Amount. 

Whole life policies .... 13,050 

Endowment policies .... 41.705 

Additions by Dividends. 

Number. Amount. 

Reversionary additions .... 2,659,000 

Total number and amount 96,613 #297,904,038 

Deduct policies ceased to be in force 10,195 38,229,538 

Total policies in force at the end of the year . . 86,418 #259,674,500 
Policies reinsured ' 4,271,450 



NEW YORK LIEE INSURANCE COMPANY. 

Policies ceased to be in force during the year. 

Number. 

By death 881 

By maturity (end) 4*9 

By expiry (term) 202 

By surrender x » 2 33 

By lapse 4>7°o 

By change and decrease .... 

By not taken .- 2,760 

Total terminated 10,195 



147 



Amount. 

$2,881,933 

728,114 

2,000 

6,916,683 

14,626,879 

488,314 

12,585,615 

$38,229,538 



VIII. BUSINESS IN CONNECTICUT DURING li 

Number. 
Number and amount of policies in force in Connecticut, 

December 31, 1884 1,080 

Number and amount of policies issued during the year. . . . 156 



Totals 

Deduct number and amount ceased to be in force. 



1,236 
144 



$2,585,050 
615,421 



,200,471 
391,550 



Total number and amount in force Dec.31,1885, 1,092 $2,808,921 



Number and amount of losses and claims on policies unpaid 
December 31, 1884 , 

Number and amount of losses and claims on policies in- 
curred during the year. 

Totals 

Number and amount of losses and claims on policies paid 

during the year „ 

Premiums collected in cash 

Schedule A — Real Estate owned by the Company. 

In New York City $2,718,912 38 

Elsewhere in New York State 375,642 49 

In New Jersey 590,199 8^ 

Washington, D.'C !6,55o 37 

Minnesota 52,970 07 

Company's office, 346 and 348 Broadway,N. Y., 1,914,295 20 

In Paris, France 1,046,317 39 

In Berlin, Germany 183,174 08 

In Vienna, Austria 207,470 82 

Total cost value $7, io 5»53 2 63 

Deduct for possible depreciation .... 250,000 00 

Total present value $6,855,532 63 



Number. 


Amount. 


3 


$5,4" 5 6 


46 


71,764 35 


49 


$77,175 9i 


I 

45 


$75,754 00 
89,138 41 



148 



NEW YORK LIFE INSURANCE COMPANY. 



Schedule C — Loans on Collateral. 

Par Value. Market Value. 

Delaware & Hudson stock $125,000 00 $120,625 °° 

Central National Bank " 152,800 00 168,080 00 

Fourth " " " 142,200 00 177,750 00 

Mercantile Block Association stock 50,000 00 50,000 00 

Chicago & Northwestern " 10,000 00 1 1,000 00 

" " pref. " 10,00000 13,60000 

Chicago, St. Paul, Minneapolis & Omaha stock. . . . 10,000 00 10,300 00 

Equitable Gas Light Company " .... 5,ooo 00 5,000 00 

Delaware, Lackawanna & Western " .... 5, 000 00 6,250 00 

Central Trust Company " .... 5,ooo 00 15,000 00 

New York Central & H. R. " . . . . 5,000 00 5,275 00 

National Bank of America " ..... 1,00000 1,70000 

Central National Bank " .... 9,000 00 9,900 00 

Totals $530,000 00 $594,480 00 

Total amount loaned thereon 451,500 00 



Schedule E — Stocks and Bonds owned by the Company. 

Par Value. Cost Value. Market Value. 



United States and State Bonds — 

United States 6 p. c $450,000 00 

" 4 p. c 305,00000 

Alabama 48,000 00 

Georgia 1,500 00 

Mississippi 20,000 00 

South Carolina 30,497 50 

Tennessee 26,000 00 

Municipal Bonds — 

Brooklyn City 1,406,000 00 

Buffalo City 123,000 00 

East Chester, N. Y 45,276 50 

Flatbush, N. Y., water 20,000 00 

Flushing, N. Y 81,000 00 

Jersey City, N. J 587,000 00 

New York City and County 121,000 00 

Newark, N. J 877,000 00 

Petersburgh City, Va 30,000 00 

Richmond, Va 50,000 00 

Rochester, N. Y 47,000 00 

St. Paul, Minn., water 218,000 00 

Yonkers, N. Y 177,000 00 

Railroad Bonds — 

Albany & Susquehanna (D. & H.) 781,000 00 

Baltimore & Ohio 500,000 00 

Bur., Cedar Rapids & Northern . . 100,000 00 

Ced. Rap., Iowa Falls & Northw'n, 490,000 00 



,483 34 



32,750 CO 



310,573 25 372,481 25 



36,100 00 

1,500 00 

19,600 00 

27,624 37 

9,880 00 

1,593,664 71 
132,652 64 

45,297 37 

19,600 00 

78,600 00 

584,713 80 

i3!, 6 73 7o 

923,062 49 

30,750 00 

46,250 00 

52,217 47 
184,820 40 
181,335 11 

925,539 57 

500,000 00 

84,500 00 

447,965 00 



47,280 00 

1,627 5° 

19,600 00 

32,327 35 
13,780 00 

2,067,913 90 

158,525 84 

5i,257 08 

25,800 00 

97,407 50 

637,777 5i 

161,791 87 

960,757 51 

30,750 00 

62,505 00 

65,095 00 

218,000 00 

225,072 50 

993,357 5o 

532,083 33 

96,750 00 

474,075 00 



NEW YORK LIFE INSURANCE COMPANY. 



149 



Par Value. Cost Value. Market Value. 

Chicago, Milwaukee & St. Paul. . . 534,000 00 622,110 00 654,150 00 

Chicago & Northwestern 150,000 00 180,530 00 192,625 00 

Chicago & Northwestern consol. . 2,100,000 00 2,863,940 02 2,873,500 00 

Chi., St. Paul, Minnea. & Omaha, 550,000 00 602,504 16 646,250 00 

Chicago & Western Indiana 1,000,00000 1,006,02833 1,060,00000 

Cleveland, C. C. & 1 1,288,000 00 1,309,880 60 1,378,240 00 

Denver & Rio Grande 232,000 00 246,507 73 264,093 34 

Evansville & Indianapolis 200,000 00 187,000 00 187,000 00 

Fremont, Elkhorn & Mo. Valley. . 200,000 00 229,000 00 229,000 00 

Gulf, Colorado & Santa Fe 950,000 00 1,009,748 16 1,097,250 00 

Gulf, Colorado & Santa Fe gold. . 100,000 00 70,500 00 87,500 00 

Indianapolis & St. Louis 141,000 00 152,205 00 152,205 00 

Kan. City, St. Jo. & Council Bluffs, 140,000 00 164,857 00 167,300 00 

Lake Shore & Mich. Southern. . . 1,250,000 00 1,436,458 33 1,480,208 33 

Lake Shore & Mich. Soufh'n con., 250,000 00 313,125 00 313,125 00 

Metropolitan Elevated, N. Y 321,000 00 319,099 69 367,545 00 

Michigan Central 50,000 00 60,221 67 62,666 67 

Minneapolis & St. Louis 200,000 00 230,000 00 234,833 33 

N. Y. Central & Hudson River. . . 1,000,000 00 1,016,572 81 1,340,000 00 

New York Elevated, N. Y 649,000 00 742,187 79 801,515 00 

New York & Harlem 1,000,000 00 1,058,841 67 1,368.333 33 

New York, Lake Erie & Western, 2,000,000 00 2,343,333 33 2,503.333 33 

New York, Lack. & Western 1,500,000 00 1,608,499 32 1,852,500 00 

Northern Pacific 1,200,000 00 1,206,000 00 1,332,000 00 

Northern Pacific, Terminal 500,000 00 500,000 00 500,000 00 

Northern Illinois 700,000 00 707,000 00 730,333 33 

Ottawa & Burlington 175,000 00 187,311 00 196,000 00 

Pittsburgh, Cleveland & Toledo. . . 500,000 00 516,260 00 525,000 00 

Rensselaer & Saratoga 9,000 00 9,5 19 92 12,720 00 

South Carolina 100,000 00 102,000 00 107,000 00 

St. Paul & Northern Pacific 750,000 00 745,000 00 780,000 00 

Taylor's Falls & Lake Superior . . 210,000 00 212,100 00 224,700 00 

Union Pacific 8 p. c 250,000 00 279,783 33 294,583 33 

Virginia & Tennessee 8 p. c 58,000 00 71,340 00 71,340 00 

Railroad Stocks — 

Chicago & Northwestern preferred, 1,130,000 00 1,356,450 00 1,542,450 00 

Delaware, Lack. & Western 500,000 00 448,750 00 618,750 00 

Bank Stocks — 

American Exchange, N. Y 10,000 00 10,025 °° 12,800 00 

Bank of America, N. Y 7,700 00 8,484 00 12,397 00 

Bank of the Republic, N. Y 1,100 00 907 50 i j33 i °° 

Merchants, N. Y 9,35© 00 11,11258 11,36025 

Miscellaneous — 

Mahoning Coal bonds 400,000 00 362,028 28 390,000 00 

Morgan's Louisiana & Texas R. R. 

& S. S. 7 p. c. bonds 300,000 00 345,966 67 348,750 00 

American Safe Deposit Co. bonds, 50,000 00 55,785 00 55,865 00 



150 NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY. 

Par Value. Cost Value. Market Value. 

Del. & Hudson Canal Co. bonds. . 314,000 00 371,458 45 407,255 00 

Equitable Gas Lt. Co., N. Y., bds, 142,000 00 156,910 00 157,620 00 

Equitable Gas Lt. Co., Bait., bds, 300,000 00 294,000 00 294,000 00 

N. Y. Mutual Gas Lt. Co. bonds, 83,000 00 83,000 00 92,130 00 

Peoples Gas Lt. Co., Chicago, bds, 627,500 00 568,375 00 627,500 00 

St. Paul, Minn., Gas Lt. Co. bds. . 200,000 00 207,000 00 207,000 00 

Manhattan Safe Deposit Co. stock, 197,100 00 197,100 00 197,100 00 

Totals $31,063,024 00 $33,640,220 56 $36,991,923 88 

Cost value 33,640,220 56 

Market value over cost $3,35 r ,703 32 



NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY, 

MILWAUKEE, WIS. 

Commenced Business, November 25, 1858. 

H. L. Palmer, President. J. W. Skinner, Secretary. 

Attorney in Connectiait, Insurance Commissioner. 



I. CAPITAL. 
No capital stock. 
Amount of net or ledger assets December 31, 1884 $21,805,619 70 

II. INCOME DURING THE YEAR. 

Received for premiums, without deduction for com- 
missions or other expenses $3,785,045 20 

Premiums on new business, $878,486.29; on old, 

$2,906,558.91 

Interest on mortgage loans 1,085,267 10 

Interest on bonds owned, and dividends on stock. 36,906 42 

Interest on premium notes, loans, or liens 96,056 42 

Interest on other debts due the Company, including 

interest on deposits and deferred premiums 68,047 86 

Discount on claims paid in advance 1,931 89 

Rents for use of Company's property 30,974 63 

Total income 5,104,229 52 

Total $26,909,849 22 



NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY. 151 

III. DISBURSEMENTS DURING THE YEAR. 

Paid for losses and additions $1,049,004 04 

Paid for matured endowments and 

additions 487,831 35 



Total amount actually paid for 

losses and matured endowments $1)536,835 39 

Paid for surrendered policies 300,469 55 

Premium notes, loans, or liens used in purchase of 

surrendered policies and void by lapse 21,895 68 

Dividends paid to policy-holders, and applied in 

payment of premiums 77§j593 39 

Total paid policy-holders $2,637,794 01 

Commissions to agents 460,196 01 

Salaries and traveling expenses of managers of 

agencies, general, special, and local agents 23,642 42 

Medical examiners' fees 34,748 00 

Salaries and other compensation of officers and other 

office employes 121,795 28 

Taxes, licenses, fines, and fees 65,236 58 

Rent 5,770 71 

Furniture, fixtures, and safes for home and agency 

offices 843 27 

Advertising 7>476 92 

Supplies, law, loan, claim, postage, exchange, and 

other expenses 131,304 19 

Profit and loss 169 59 

Total disbursements 3,488,976 99 

Balance $23,420,872 24 

IV. ASSETS. 

AS PER LEDGER ACCOUNTS. 

Real estate unencumbered, as per Schudule A $1,322,756 28 

Loans on bond and mortgage (first liens) 19,242,625 41 

Premium notes, loans, or liens on policies in force. . 1,156,215 05 
Par value of bonds and stocks owned absolutely, 

as per Schedule E 590,825 00 

Cash in Company's office 161,459 49 

Cash deposited in banks 919,780 90 

Bills receivable 2,570 32 

Agents' ledger balances 24,639 79 

Total net or ledger assets $23,420,872 24 

OTHER ASSETS. 

Interest due and accrued on bond and mortgage loans 314,765 93 

Interest due and accrued on premium notes, loans, or liens 46,356 24 

Rents accrued on Company's property or leases 316 66 

Market value of bonds and stocks over par, as per Schedule E, , , , 59><j62 86 



152 NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY. 

Gross premiums due and unreported on policies in 

force December 31, 1885 $132,518 24 

Gross deferred premiums on policies in force De- 
cember 31, 1885 396,210 00 

Total $528,728 24 

Deduct the loading on above gross amount. . 105,745 61 

Net amount of uncollected and deferred premiums 422,982 63 

Total assets $24,265,256 56 



ITEMS NOT ADMITTED. 

Agents' balances $24,639 79 

Bills receivable 2,570 32 

Total 27,210 11 

Total assets (less items not admitted) $24,238,046 45 



V. LIABILITIES. 

Net present value of all the outstanding policies _ui force December 
31, 1885, computed according to the Actuaries' or Combined 
Experience Table of Mortality, with four per cent, interest $19,942,282 00 

Claims for death losses and matured endowments in 

process of adjustment, or adjusted and not due. . . $161,070 92 

Claims for death losses and other policy claims 

resisted by the Company 59,ooo 00 

Total policy claims 220,070 92 

Unpaid dividends of surplus, or other profits due policy-holders .... 7,000 00 

Premiums paid in advance 3,000 00 

Accrued commissions (estimated) 5,ooo 00 

Reserve for paid-up insurance claimable 94,206 71 

Liabilities on policy-holders' account $20,271,559 63 

Gross surplus on policy-holders' account 3,966,486 82 

» Total liabilities $24,238,046 45 



VI. PREMIUM NOTE ACCOUNT. 

Premium notes, loans, or liens on hand, December 

31, 1884 $1,266,687 91 

Received during the year 158,513 39 

# Total , $1,425,201 30 



NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY. 153 

Deductions during the year. 

Notes, loans, or liens used in payment of losses and 

claims $66,551 42 

Notes, loans, or liens used in purchase of surrendered 

policies, and void by lapse 53>7 I 5 r 9 

Notes, loans, or liens used in payment of dividends 

to policy-holders 1 19,669 90 

Notes, loans, or liens redeemed by maker 29,049 74 

Total reduction of premium note account 268,986 25 

Balance note assets at the end of the year $1,156,215 05 

VII. EXHIBIT OF POLICIES. 

Policies and Additions in force at the end of the previous year. 

Number. Amount. 

Whole life policies 34,493 $73> I 57,™3 

Endowment policies 1 1,003 22,055,824 

All other policies 452 3,581,055 

New Policies issued during the year. 

Number. Amount. 

Whole life policies 6,853 I 8>576,376 

Endowment policies I >763 3,820,325 

All other policies 51 180,405 

Old Policies revived during the year. 

Number. Amount. 

Whole life policies 241 6^8,637 

Endowment policies 103 216,208 

All other policies 3 42,998 

Old Policies increased during the year. 

Number. Amount. 

Whole life policies 20 .... 

Additions by dividends. 

Number. Amount. 

Whole life policies .... 43,914 

Endowment policies .... 37,035 

All other policies 2,723,409 

Total number and amount 54,982 $125,053,369 

Deduct policies ceased to be in force 4,882 14,342,508 

Total policies in force at the end of the year. . 50,100 $110,7,10,861 



154 NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY. 

Policies ceased to be in force during the year. 

Number. Amount. 

By death 460 $1,007,761 

By maturity (end.) 329 496,024 

By expiry 18 2,777,028 

By surrender 713 1,466,548 

By lapse 2,520 5,829,498 

By change and decrease 4 444,934 

By not taken 838 2,320,715 

Total terminated 4,882 $14,342,508. 



VIII. BUSINESS IN CONNECTICUT DURING i\ 

Number. 



Number and amount of policies in force in Connecticut 
December 31, 1884 

Number and amount of policies issued during the year. . . 



Totals 

Deduct number and amount ceased to be in force. 

Total number and amount in force Dec.31, 188 



262 
223 



Amount. 

$764,248' 
509,496 

#1,273,744 
240,589 

379 $ r >o33>955 



485 
106 



Number. 

Losses and claims unpaid December 31, 1884 None. 

Losses and claims incurred in 1885 5 

Losses and claims paid in 1885 4 

Premiums collected in cash, $30,786.87 ; notes or credits, 

#521-92 

Schedule A — Real Estate owned by the Company. 

In Wisconsin $773,018 54 

Indiana 1 74,295 00 

Illinois 56,282 81 

Michigan 116,176 40 

Ohio 60,742 36 

Kentucky 50,816 32 

Missouri 29,861 68 

Georgia .' 6,708 07 

Minnesota 20,643 18 

Iowa 21,789 54 

Colorado 1 2,422 38 

Total $1,322,756 28 



Amount. 

$10,030 OO 
8,530 OO 

31,308 79 



NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY. 



155 



Schedule E — Stocks and Bonds owned by the Company. 

Par Value. Market Value. 



United States and State Bonds- 

United States currency 6 p. c 

United States 4^ p. c 

Missouri long 

Municipal Bonds — 

Kansas City, Mo., 6 p. c 

" 8 p. c 

City of St. Louis, Mo., 5 p. c 

Green Bay, Wis., 6 p. c. . . 
Sheboygan, " 5 p. c. . . 



6 p. c. 

7 p. c. 

5 p. c. 

6 p. c. 
5 p. c. 



Beloit, " 

Town of " " 

City of Springfield, 111. 

" Oshkosh, Wis., 5 p. c 

" Stevens Point, Wis., 8 p. c. 

" Milwaukee, " 5 p. c. 

" " " 7 p. c. 

Elmwood, 111., 5^ p. c 

Morrison, " 6. p c 

Chippewa, Wis., 6 p. c 

Carlinsville, 111., 6 p. c 



$,70,000 00 
45,000 00 
47,000 00 

50,000 00 
25,000 00 
96,000 00 

4,100 00 
50,000 00 
18,625 00 

5,000 00 
66,000 00 

6,000 00 
12,700 00 
30,900 00 

2,000 00 

6,000 00 

3,000 00 
25,500 00 

5,000 00 
15,000 00 

8,000 00 



$92,900 00 

So,737 5° 
50,790 00 

56,000 00 

3M33 33 
99,360 00 

4,175 17 

50,833 33. 

19,928 75 

5,395 83 

70,913 33 

6,500 00 

12,911 66 

32,316 25 

2,113 33 
6,000 00 
3,465 00 

26,169 3 8 
5,125 00 

15,900 00 
8,120 00 



Totals 



$590,825 00 $650,787 86 



156 PENN MUTUAL LIFE INSURANCE COMPANY. 

PENN MUTUAL LIFE INSURANCE COMPANY, 

PHILADELPHIA, PENN. 

Commenced Business, May 25, 1847. 

Samuel C. Huey, President. Henry C. Brown, Secretary. 

Attorney in Connecticut, INSURANCE COMMISSIONER. 



I. CAPITAL. 

No capital stock. 

Amount of net or ledger assets December 31, 1884 $9,128,209 61 



II. INCOME DURING THE YEAR. 

Cash received for premiums without 

deduction for commissions or other 

expenses , ^1,732,731 52 

Premium notes, loans, or liens taken 

in part payment for premiums. . . . 97*5*4 78 

Premiums on new business, $407,- 

663.06; on old, $1,422,583.24. . . 

Total $1,830,246 30 

Deduct amount paid to other com- 
panies for reinsurance of policies 
in this Company 3>545 63 

Total premium income $1,826,700 67 

Interest on mortgage loans 127,203 77 

Interest on bonds owned, and dividends on stock . . 280,096 50 

Interest on premium notes, loans, or liens 37>°39 80 

Interest on other debts due the Company 1,468 53 

Interest on collateral loans 30,002 82 

Rents for use of Company's property 43)821 1 1 

Profits on bonds, stocks, and real estate actually sold, 23,850 00 

Profit and loss 30 00 

Total income 2,370,213 20 

Total $11,498,422 81 



PENN MUTUAL LIFE INSURANCE COMPANY. 157 

III. DISBURSEMENTS DURING THE YEAR. 

Cash paid for losses and additions... $672,494 72 
Premium notes, loans, or liens used in 

payment of same 2 3)955 *6 

Cash paid for matured endowments 

and additions 5°>293 49 

Premium notes, loans, or liens used in 

payment of same. 4,601 51 

Total $751,344 88 

Deduct reinsurance received 

from other companies 5, 000 00 

Amount actually paid for losses and matured 

endowments $746,344 88 

Cash paid for surrendered policies 175,258 79 

Premium notes, loans, or liens used in purchase of 

surrendered policies, and voided by lapse 33,699 74 

Cash dividends paid to policy-holders and applied in 

payment of premiums 326,448 1 7 

Premium notes, loans, or liens used in payment of 

dividends to policy-holders 60,255 22 

Total paid policy-holders $1,342,006 80 

Commissions to agents 131,394 98 

Salaries and traveling expenses of managers of 

agencies, general, special, and local agents 87,587 80 

Medical examiners' fees . . 21,628 47 

Salaries and other compensation of officers and other 

office employes 53,047 73 

Taxes, licenses, fines, and fees .' 47,286 57 

Rent 12,982 58 

Commuting commissions V - 3,382 63 

Advertising, printing, and supplies I 7>699 48 

Items: Law expenses, $7,242.11; fire insurance, 

postage, and home office expenses, $24,702.13; 

office furniture, $1,196.68; repairs of real estate, 

$9,023.10 ; profit and loss, $1,326.38 43,49° 40 

Total disbursements 1,760,507 44 

Balance $9,737,915 37 

IV. ASSETS. 

AS PER LEDGER ACCOUNTS. 

Real estate unencumbered as per Schedule A $830,659 21 

Loans on bond and mortgage (first liens) and ground 

rents 2,598,731 10 

Loans secured by pledge of bonds, stocks, or other 

marketable collaterals, as per Schedule C 283,129 70 

Loans made in cash to policy-holders, on this Com- 
pany's policies, assigned as collateral 187,657 00 



158 PENN MUTUAL LIFE INSURANCE COMPANY. 

Premium notes, loans, or liens on policies in force . . 589,077 54 
Cost value of bonds and stocks owned absolutely as 

per Schedule E 5,118,517 25 

Cash in Company's office *. 2,716 14 

Cash deposited in banks 70,364 94 

Cash notes for premiums, principally secured by 

reserve on policies 39>9 J 7 82 

Agents' ledger balances 5,877 79 « 

Sundry accounts 4,151 24 

Bills receivable 7>n5 64 

Total net or ledger assets $9,737,915 37 



OTHER ASSETS. 

Interest due and accrued on bond and mortgage loans. 38,414 76 

Interest accrued on collateral loans 5>894 38 

Rents due on Company's property or leases 5> 2I 7 33 

Market value of bonds and stocks over cost, as per Schedule E. . . . 421,061 75 

Gross premiums due and unreported on policies in 

force December 31, 1885 $89,412 00 

Gross deferred premiums on policies in force Decem- 
ber 31, 1885 140,622 52 

Total $230,034 52 

Deduct the loading on above gross amount, 46,006 90 

Net amount of uncollected and deferred premiums. . . 184,027 62 

Total assets $10,392,531 21 



ITEMS NOT ADMITTED. 

Agents' balances. $5,877 79 

Sundry accounts 965 84 

Bills receivable 10,301 04 

Total 17,144 67 

Total assets (less items not admitted) $10,375,386 54 



V. LIABILITIES. 

Net present value of all the outstanding policies in force December 
31, 1885, computed according to the Actuaries' or Combined Ex- 
perience Table of Mortality, with four per cent, compound interest, $8,667,917 00 

Claims for death losses and matured endowments in 
process of adjustment, or adjusted and not due. . $66,710 07 

Claims for death losses and other policy claims 

resisted by the Company 3,000 00 

Total policy claims 69,710 07 



PENN MUTUAL LIFE INSURANCE COMPANY. 159 

Unpaid dividends of surplus, or other profits due policy-holders. . . . 32,379 34 

Life rate endowment accumulations 141,840 31 

Premiums paid in advance and scrip liability 19,058 1 1 

Liabilities on policy-holders' account $8,930,904 83 

Gross surplus on policy-holders' account 1,444,481 71 

Total liabilities $10,375,386 54 

VI. PREMIUM NOTE ACCOUNT. 
Premium notes, loans, or liens on hand December 

31, 1884 $617,363 84 

Received during the year 104,416 49 

Total , $721,780 33 

Deductions during the year. 

Notes and loans used in payment of losses and claims, $28,556 67 
Notes and loans used in purchase of surrendered 

policies, and void by lapse 33*699 74 

Notes, loans, or hens used in payment of dividends 

to policy-holders 60,255 22 

Notes, loans, or liens redeemed by maker in cash. . 10,191 16 

Total reduction of premium note account 132,702 79 

Balance note assets at the end of the year $589,077 54 

VII. EXHIBIT OF POLICIES. 

Policies, and Additions in force at the end of the previous year. 

Number. Amount. 

Whole life policies. 10,717 $29,143,897 

Endowment policies 7,002 145655,973 

All other policies 24 61,500 

Reversionary additions ' .... 1 18,490 

New policies issued during the year. 

Number. Amount. 

Whole life policies ". 2,222 5,397,462 

Endowment policies 1,328 2,680,575 

Old policies revived during the year. 

Number. Amount. 

Whole life policies 35 39>978 

Endowment policies 224 1 12,01 1 

All other policies 59 1 16,837 

Additions ; .... 189 

Old Policies increased during the year. 

Number. Amount. 

Whole life policies 5 14,622 

Endowment policies 10 41,020 



160 PENN MUTUAL LIFE INSURANCE COMPANY. 

Additions by dividends. 

Number. 
Reversionary additions .... 

Total number and amount , 21,626 

Deduct policies ceased to be in force 1,792 

Total policies in force at end of the year . . . < . 19,834 

Policies ceased to be in force during the year. 

Number. 

By death , 230 

By maturity (end.) 39 

By expiry 5 

By surrender 364 

By lapse 827 

By change and decrease 14 

By not taken 313 

Total terminated x ,79 2 

Policies reinsured * 36 



Amount. 

27,950 

$52,410,495 

4,421,272- 

$47,989,223 



Amount. 
#644,059 

54,895 

9.50O 

892,952 

1,797,611 

269,755 

752.5°° 

#4,421,272 

191,160 



VIII. BUSINESS IN CONNECTICUT DURING 1885. 

Number. Amount. 

Number and amount of policies in force in Connecticut, 

December 31, 1884 108 #440,600 00 

Number and amount of policies issued during the year. . . 32 79,500 00 

Totals 140 #520,100 00 

Deduct number and amount ceased to be in force. . 15 57,600 00 

Total number and amount in force Dec. 31, 1885, 125 #462,500 00 

Number. Amount. 

Number and amount of claims paid during the year 1 #1,000 00 

Number and amount of claims incurred during the year. . 1 1,000 00 
Premiums collected in cash, #17,182.50; notes or credits, 

#2,323.00; total. 19,505 50 

Schedule A — Real Estate owned by the Company. 

In Philadelphia #576,456 79 

Elsewhere in Pennsylvania 147,372 10 

In District of Columbia 32,220 83 

Ohio 15,219 06 

Indiana 7,776 29 

Illinois 10,000 00 

New Jersey 41,614 14 

Total.... #830,65921 



PENN MUTUAL LIFE INSURANCE COMPANY. 



161 



Schedule C — Loans on Collateral. 



Market Value. Amt. Loaned. 



Continental Passenger R'y Co. of Philadelphia stock, $3,852 00 
Shenandoah Iron, Lumber, Mining & Manuf g Co. 
1st m. 6 p. c. bds., and policy of Life Insurance, 

reserve on which is $4,803.00 56,803 00 

Penn. & N. Y. Canal & R. R. Co. 7 p. c. bonds 6,000 00 

Leavenworth city & Ft. Leavenw'th Water Co. bds., 45,ooo 00 

Penn. R. R. Co. 6 p. c. bonds 2,400 00 

Hot Springs (Ark.) Water Co. 7 p. c. bonds -1 

« « « stock } 66 >°°° °° 

Totals : $180,055 00 



50,000 00 
5,000 00 

25,000 00 
2,000 00 

40,000 00 



$125,200 00 



Schedule E — Stocks and Bonds owned by the Company. 

Cost Value. Market Value, 

United States Bonds — 

United States reg. 4 p. c. consols of 1907 $59,562 50 $61,500 00 

Railroad Bonds — 

Penn. gen. mort. 6 p. c. reg 100,150 00 137,800 00 

Penn. 1st mort. 5 p. c. reg. Navy Yard 103,000 00 110,000 00 

Northern Central consol. mort. 5 p. c. coup 105,000 00 118,800 00 

Northern Central 6 p. c. sterling coup 99,75° °° 102,600 00 

North Penn. 7 p. c. coup 98,500 00 128,000 00 

Stony Creek 7 p. c. coup., North Penn. guar. . . . 49,000 00 57,5oo 00 

Delaware & Bound Brook 7 p. c. coup 61,000 00 80,520 00 

Phila. & Reading 7 p. c. mort. reg., 191 1 50,000 00 55,000 00 

Lehigh Valley 7 p. c. reg 50,000 00 70,000 00 

" " 6 p. c. coup, gold 3 2 ,395 00 32,860 00 

Easton & Amboy 5 p. c. 1st mort. reg., guar, by 

Lehigh Valley R. R. Co 100,000 00 11 1,000 00 

Baltimore & Ohio 6 p. c. coup 105,000 00 120,000 00 

Pittsburgh Junction 1st mort. 6 p. c. coup. gold. . 67,930 00 73,700 00 
Oswego & Syracuse 5 p. c. coup, mort., Del., 

Lack. & West, guar 96,750 00 105,000 00 

Cin., Hamilton & Dayton 6 p. c. coup 103,750 00 111,000 00 

Cin., Ham. & Ind. 1st mort. 7 p. c. coup., guar. 

by Cin., Ham. & Dayton R. R. Co 74,410 00 79,800 00 

Dayton & Mich. con. 5 p. c. mort. coup., guar, by 

Cin., Ham. & Dayton R. R. Co 101,500 00 105,000 00 

111., & St. Louis R. R. & Coal Co. 8 p. c. coup., 100,000 00 110,000 00 
Venice & Carondelet 6 p. c. 1st mort. coup., 111. 

& St. Louis R. R. guar. 100,000 00 100,000 00 

Venice & Carondelet 6 p. c. 1st mort. coup., 111. 

& St. Louis R. R. guar 100,000 00 100,000 00 

Jacksonv'lle, So. East. (111.) g. m. 6 p. c. coup, g., 45,000 00 46,500 00 

Minn. & St. Louis 1st mort. 7 p. c. coup. gold. . 102,833 75 115,000 00 



162 



PENN MUTUAL LIFE INSURANCE COMPANY. 



Cost Value. Market Value. 
Minn. & Duluth 7 p. c. 1st mort. coup, gold, 

guar, by Minn. & St. Louis R. R 51,562 50 57,500 00 

Terre Haute & Logansport (Ind.) 6 p. c. mort. 

coup., T. H. & Indp. R. R. guar 100,000 00 105,000 00 

CI., Col., Cin. & Ind. con. 6 p. c. coup. gold. . . . 98,500 00 103,000 00 

N. Y., Phila. & Norfolk 6 p. c. 1st m. coup. g. . 97,000 00 105,000 00 

-N. Y., Lack. & West. 5 p. c. coup., Del., Lack. 

& West, guar . . 96,625 00 105,000 00 

Columbus & Cin., O. Midland 1st m. 6 p. c. coup., 135,300 00 142,500 00 

Municipal and County Bonds — 

Chester, Pa., 5 p. c. reg.' 185,571 00 200,200 00 

Cumberland City, Md., 6 p. c. coupon 45,ooo 00 52,500 00 

Xenia City, O., 5^2 P- c. coupon 46,350 00 46.350 00 

" " " " " 4,10000 4,12000 

" " 5 p. c. coupon 2 7>733 75 28,050 00 

Piqua City, O., school house 6 p. c. coupon 36,080 00 37,080 00 

Scioto County, O., 6 p. c. coupon bridge 36,000 00 36,720 00 

Springfield, O., reg. 5 p. c. water works 40,000 00 40,000 00 

Louisville, Ky., city 7 p. c. coupon 43,500 00 57,500 00 

Evansville, Ind., redemption 6 p. c. coupon 48,600 00 36,000 00 

St. Louis, Mo., 6 p. c. coupon 25,030 00 30,900 00 

St. Joseph, Mo., 4 p. c. coupon funding 86,050 00 86,400 00 

" " 6 p. c. " 1903.... 96,00000 100,00000 

Jackson County, Mo., 8 p. c. coupon 57,120 00 58,240 00 

Kansas City, Kan., 10 p. c. coupon ■' 7,286 00 7,280 00 

Leavenworth City, Kan., 4 p. c. coup, refunding, 69,252 00 74,880 00 

Leavenworth County, Kan., funding 5 p. c. coup., 23,80000 24,64000 

Lincoln City, Neb., 6 p. c. coupon water 40,000 00 42,000 00 

Atchison, Kan., refunding 4 p. c. coupon 23,250 00 24,800 00 

De Kalb County, Mo., 6 p. c. coupon 40,200 00 40,800 00 

City & Township of Ind., Kan., 7 p. c. coup. . . . 48,200 00 50,610 00 

.Ravenna, O., 5 p. c. water works coupon 60,150 00 61,200 00. 

City of Lima, O., 5 p. c. water works coup 50,000 00 51,000 00 

Harrisburg 6 p. c. coupon water 50,150 00 67,850 00 

Salem; N. J., 5 p. c. reg. water 76,875 00 78,750 00 

Mt. Vernon, O., 6 p. c. coupon water works. . . . 23,100 00 22,660 00 

Kansas City 1st mort. 7 p. C coupon water gold, 95>3 2 5 °° 94,860 00 

Joplin, Mo., 7 p. c. coupon water. 75,000 00 78,750 00 

Hot Springs, Ark., 1st mort. 7 p. c. coup, water, 70,000 00 70,000 00 

Burlington, la., 6 p. c. coupon water 70,500 00 78,750 00 

Bank Stocks— 

Commercial National, Philadelphia II ,°35 2 5 I2 ,749 °° 

Western National, " 6,862 50 10,500 00 

Corn Exchange National, " 5, 000 00 6,000 00 

Bank of North America, " 10,16800 23,56000 

Girard National, " 2,000 00 4,700 00 

Mechanics, St. Louis, Mo 4,950 50 5>5°o 00 

Railroad Stocks — 

Northern Central 10,772 00 20,400 00 



PENN MUTUAL LIFE INSURANCE COMPANY. 163 

Cost Value. Market Value. 

Miscellaneous — 

American Steamship Co. 6 p. c. coupon bonds, 

guaranteed by P. R. R. Co 25,000 00 27,000 00 

Phoenix Iron Co. 7 p. c. 1st m. coup, bds., guar., 91,000 00 92,820 00 

Susquehanna Canal pfd. 6 p. c. coup, bonds, guar., 48,60000 50,63000 

Union League, Philadelphia, 5 p. c. m. coup, bds., 50,000 00 51,250 00 

Jamestown, N. Y., Water Supply Co. 1st mort. 6 

p. c. coupon bonds 100,000 00 103,000 00 

Jamestown, N. Y., Gas Co. 1st mort. 6 p. c. 

coupon bonds 50,000 00 5 1,000 00 

Chillicothe, O., Gas & Water Co. 1st mort. 5 p. c. 

couponbonds 79>3 2 5 °° 83,500 00 

Hamilton and Rossville, O., 6 p. c. coupon 

Hydraulic Co. bonds 50,000 00 50,000 00 

Louisville, Ky., Water Co. 6 p. c. coup, bonds. .. . 97,31250 110,00000 

St. Joseph, Mo., Water Co. 1st mort. 6 p. c. coup. 

gold bonds 100,000 00 103,000 00 

Austin, Texas, Water Co. 1st mort. 7 p. c. coup. 

gold bonds 136,500 00 136,500 00 

Freeport, 111., Water Co. 1st mort. 6 p. c. coup. 

gold bonds ". . . . 100,000 00 103,000 00 

Hudson River Water Power & Paper Co. 1st 

mort. 6 p. c. gold coupon bonds 49,000 00 50,000 00 

Delaware Mutual Safety Ins. Co., Phila., stock. . 6,250 00 12,000 00 

Totals $5,118,517 25 $5,539,579 00 



164 PROVIDENT SAVINGS LIFE ASSURANCE SOCIETY. 



PROVIDENT SAVINGS LIFE ASSURANCE SOCIETY, 

NEW YORK CITY. 

Commenced Business, August 10, 1875. 

Sheppard Homans, President. William E. Stevens, Secretary. 

Attorney in Connecticut, Insurance Commissioner. 



I. CAPITAL. 

Capital stock paid up in cash $100,000 00 

Amount of net or ledger assets December 31, 1884 $170,241 33 



II. INCOME DURING THE YEAR. 

Cash received for premiums without 
deduction for commissions or other 

expenses $290,549 64 

Premiums paid by dividends 70,742 55 

Premiums on new business, $148,- 
025.52; on old, $142,524.12. 

Total $361,292 19 

Deduct amount paid to other com- 
panies for reinsurance of policies in 

this Company 373 88 

Total premium income $360,918 31 

Interest on mortgage loans 1 ,237 50 

Interest on bonds owned, and dividends on stock. . 4>730 00 

Interest on other debts due the Company 257 27 

Total income 367,143 08 

Total $537 5 384 4i 



III. DISBURSEMENTS DURING THE YEAR. 

Cash paid for losses $142,619 40 

Cash paid for surrendered policies 1 ,894 54 

Cash dividends paid to policy-holders, and applied 

in payment of premiums 70,742 55 

Total paid policy-holders.... $215,256 49 



PROVIDENT SAVINGS LIFE ASSURANCE SOCIETY. 



165 



Commissions to agents 

Traveling expenses of managers of agencies, general, 
special, and local agents 

Medical examiners' fees 

Salaries and other compensation of officers and other 
office employes 

United States taxes and revenue stamps, $29.32; 
taxes, licenses, fines, and fees, $2,780.70 

Rent 

Advanced to agents to be repaid out of future salaries 
or commissions 

Furniture and fixtures and safes for home and agency- 
offices 

Advertising 

Postage and telegrams, $1,860.28; law and miscel- 
laneous, $2,039.99; attendance, $1,085.00; station- 
ery, etc., $4,671.47; total. 

Total disbursements 



56,098 64 

2,984 51 
1,981 25 

15,670 96 

2,810 02 
6,204 25 

1,483 30 

941 41 
6,892 39 



9>656 74 



Balance . 



319,979 96 
$217,404 45 



IV. ASSETS. 



AS PER LEDGER ACCOUNTS. 



Loans on bond and mortgage (first liens) $20,500 00 

Loans made in cash to policy-holders on this Com- 
pany's policies assigned as collateral 175 00 

Premium notes, loans, or liens on policies in force. . 563 55 
Cost value of bonds and stocks owned absolutely, 

as per Schedule E 1 26,895 3° 

Cash in Company's office 2,316 43 

Cash deposited in banks 59,044 32 

Bills receivable 817 20 

Agents' ledger balances 7,092 65 

Total net or ledger assets 



5217,404 45 



OTHER ASSETS. 

Interest accrued on bonds and stocks , 

Interest accrued on collateral loans 

Interest due and accrued on premium notes, loans, or liens 

Market value of bonds and stocks over cost, as per Schedule E. . . . 

Gross premiums due and unreported on policies in 

force December 31, 1885 '.' $14,097 41 

Gross deferred premiums on policies in force De- 
cember 31, 1885 3,59° 47 

Total $17,687 88 

Deduct the loading on above gross amount. . 3,537 S§ 



525 00 
10 50 
72 00 

604 70 



Net amount of uncollected and deferred premiums I 4, I 5° 3° 

Total assets $232,766 95 



166 



PROVIDENT SAVINGS LIFE ASSURANCE SOCIETY. 



ITEMS NOT ADMITTED. 

Agents' balances $7,092 65 

Bills receivable 817 '20 

Total • $7,909 85 

Total assets (less items not admitted) $224,857 10 

V. LIABILITIES. 

Net present value of all the outstanding policies in force on the 31st 
day of December, 1885, computed according to the Actuaries' 
or Combined Experience Table of Mortality, with four per cent, 
compound interest -. $79,066 00 

Claims for death losses and matured endowments in process of ad- 
justment or adjusted and not due 25,000 00 

Total liabilities on policy-holders' account $104,066 00 

Gross surplus, including capital, on policy-holders' account. .' 120,791 10 

Total liabilities $224,857 10 

VI. PREMIUM NOTE ACCOUNT. 

Premium notes, loans, or liens on hand December 

3l» 1884 $563 55 

Received during the year None. 

Balance note assets at the end of the year $563 55 

VII. EXHIBIT OF POLICIES. 

Policies in force at the end of previous year. 

Number. Amount. 

Whole life policies 212 $84,646 

Endowment policies 98 89,325 

All other policies 3,641 13,864,200 

New Policies issued during the year. 

Number. Amount. 

Endowment policies 16 15,100 

All other policies 3,1*3 I 3,833,5oo 

Old Policies revived. 

Number. Amount. 

All other policies 9 22,000 

Old Policies increased. 

Number. Amount. 

All other policies .... 1 1,000 

Total number and amount 7,089 $27,919,771 

Deduct policies ceased to be in force 823 2,768,475 

Total policies in force at the end of the year. . 6,266 $25,151,296 

Policies reinsured 4 $15,000 



PROVIDENT SAVINGS LIFE ASSURANCE SOCIETY. 167 

Policies ceased to be in force during the year. 

Number. Amount. 

By death , 45 $127,375 

By expiry (term) ." 579 1,964,175 

By surrender 33 1 9,750 

By lapse 37 13,675 

By change and decrease .... 44,500 

By not taken 129 599,000 

Total terminated 823 $2,768,475 

VIII. BUSINESS IN CONNECTICUT DURING 1885. 

Number. Amount. 
Number and amount of policies in force in Connecticut 

December 31, 1884 26 $98,000 00 

Number and amount of policies issued during the year. ... 56 200,000 00 

" Totals : 82 $298,000 00 

Number and amount ceased to be in force 17 54,ooo 00 

Total number and amount in force Dec. 31, 1885, 65 $244,000 00 

Losses incurred during the year None. 

Premiums collected in cash $2,028 26 



Schedule E — Bonds owned by the Company. 

Cost Value. Par Value. 



Market Value. 



United States Bonds — 

United States reg. bonds 4^ p. c. . $113,25000 $100,00000 $112,50000 
Railroad Bonds — 
Atchison, Jewell Co. & Western. . . . 13,645 30 15,000 00 15,000 oo> 



168 STATE MUTUAL LIFE ASSURANCE COMPANY. 



STATE MUTUAL LIFE ASSURANCE COMPANY, 

WORCESTER, MASS. 

Commenced Business, June i, 1845. 

A. George Bullock, President, Henry M. Witter, Secretary. 

Attorney in Connecticut, Insurance Commissioner. 



I. CAPITAL. 

No capital stock. 

Amount of net or ledger assets December 31, 1884 $3,321,674 46 



II. INCOME DURING THE YEAR. 
Cash received for premiums without 

deduction for commissions or other 

expenses $504,328 90 

Premium notes, loans, or liens taken 

in part payment for premiums 72,149 98 

Premiums paid by dividends 121,360 69 

Premiums on new business, $165,- 

613.58; on old, $532,225.99. 

Total $697,839 57 

- Deduct amount paid other com- 
panies for reinsurance 3,284 73 

Total } remium income $694,554 84 

Interest on mortgage loans 1 

Interest on bonds owned, and dividends on stock. . 

Interest on premium notes, loans, or liens I 

Interest on other debts due the Company j 7 ,4 3 3 

Discount on claims paid in advance 

Rents J 

Profit and loss account 47,932 82 

Total income 914,910 96 

Total $4,236,585 42 



STATE MUTUAL LIFE ASSURANCE COMPANY. 



169 



III. DISBURSEMENTS DURING THE YEAR. 

•Cash paid for losses and additions. . . ." $218,620 90 
Cash paid for matured endowments 

and additions 63,155 00 

Total amount actually paid for losses and 

matured endowments $281,775 90 

Cash paid for surrendered policies 40,332 50 

Cash dividends paid to policy-holders and applied in 

payment of premiums 121,360 69 

Total paid policy-holders.... $443,469 09 

Commissions to agents 93,3°5 3 1 

Salaries and traveling expenses of managers of 

agencies, general, special, and local agents 17,223 04 

Medical examiners' fees 4,54^ 00 

Salaries and other compensation of officers and other 

office employes 16,254 67 

State and local taxes in State where organized, 

$4,870.82; taxes, licenses, fines and fees in other 

States, $4,888.94; total 9,759 76 

Advertising and miscellaneous expenses 14,217 39 

Total disbursements 



,777 26 



Balance . 



5,637,808 16 



IV. ASSETS. 

AS PER LEDGER ACCOUNTS. 

Real estate, unencumbered, as per Schedule A. . . . $58,000 00 

Loans on bond and mortgage (first liens) 509,429 00 

Loans secured by pledge of bonds, stocks, or other 

marketable collaterals, as per Schedule C 13,000 00 

Loans made in cash to policy-holders, on this Com- 
pany's policies assigned as collateral '. 98,692 00 

Premium notes, loans, or liens on policies in force. . 72,149 98 

Cost value of bonds and stocks owned absolutely, as 

per Schedule E 2,823,625 20 

Cash deposited in banks 62,91 1 98 

Total net or ledger assets $3,637,808 16 



OTHER ASSETS. 

Interest due and accrued on bond and mortgage loans 

Interest accrued on bonds and stocks 

Interest due and accrued on collateral loans {- 

Interest due and accrued on premium notes, loans, or liens I 

R.ents due and accrued on Company's property or lease J 

Market value of bonds and stocks over cost, as per Schedule E 



52,000 00 



197,117 80 



Total assets f $3,886,925 96 



170 STATE MUTUAL LIFE ASSUKANCE COMPANY. 

V. LIABILITIES. 

Net present value of all the outstanding policies in 
force, December 31, 1885, computed according to 
the Actuaries' or Combined Experience Table of 
Mortality, with four per cent, compound interest, $3,105,631 00 

Deduct net value of risks reinsured in other com- 
panies 3>4l8 00 

Net reinsurance reserve $3,102,213 00 

Claims for death losses and matured endowments None. 

Liabilities on policy-holders' account $3,102,213 00 

Gross surplus on policy-holders' account 784,712 96 

Total liabilities $3,886,925 96 



VI. PREMIUM NOTE ACCOUNT. 

Premium notes, loans, or liens on hand December 

3 1 . ^84 $59»769 76 

Received during the year 134,779 44 

Total $194,549 20 



Deductions during the year. 

Notes, loans or liens redeemed by maker in cash 122,399 22 

Balance note assets at the end of the year $72,149 9S 

VII. EXHIBIT OF POLICIES. 

Policies and Additions in force at the end of the previous year. 

Number. Amount. 

Whole life policies 3,884 $8,998,997 

Endowment policies .... 2,358 6.677,454 

Reversionary additions. .... 1 55,693 

New Policies issued during the year. 

Number. Amount. 

Whole life policies 189 661,500 

Endowment policies 1,153 3,458,6oo 

Additions by Dividends during the year. 

Number. Amount. 

Reversionary additions .... 12,216 

Total number and amount 7>584 $19,964,460 

Deduct policies ceased to be in force 564 1,596,993 

Total policies in force at the end of the year. . . 7,020 $18,367,467 



STATE MUTUAL LIFE ASSURANCE COMPANY. 171 

Policies ceased to be in force during the year. 

Number. Amount. 

By death 84 $223,121 

By maturity (end) 30 63,155 

By expiry (law of 1861) 71 141,000 

By surrender 115 378,132 

By lapse (law of 1880) 159 391,000 

By change and decrease .... 1 14,985 

By forfeit 3 4,5°° 

By not taken 102 281,100 

Total terminated 564 1,596,993 

VIII. BUSINESS IN CONNECTICUT DURING 1885. 

Number. Amount. 
Number and amount of policies in force in Connecticut 

December 31, 1884 , 136 $386,790 00 

Number and amount of policies issued during the year. ... 29 74,500 00 

Totals 165 $461,290 00 

Deduct number and amount ceased to be in force. . 15 51,600 00 

Total number and amount in force Dec. 31, 1885, 150 $409,69000 



Number. Amount. 

Number and amount of losses incurred during the year. . . 6 $26,900 00 

Number and amount of losses paid during the year 6 26,900 00 

Premiums collected in cash .... 14,269 33 

Schedule A — Real Estate owned by the Co?nfiany. 
In Worcester $58,000 00 



Schedule C — Loans on Collateral. 



Worcester, Nashua & Rochester R.R. stock, 
Union Pacific R. R. bond 

Totals 



Par Value. Market Value. 
$l6,000 $19,200 

1,000 1,150 



$17,000 $20,350 



Amt. Loaned. 

$12,000 OO 

I,O0O OO 



$13,000 OO 



Schedule E — Stocks and Bonds owned by the Company. 
Cost Value. Par Value. 



United States Bonds — 

United States 

Railroad Bonds — 

Boston & Albany 

Worcester & Nashua 

Providence & Worcester 

^itchburg 

Boston, Clin., Fitchb'g & N. Bed., 

N., Y., Lack. & Western 



515,485 46 $290,000 00 



125,365 OO 

91,500 OO 

100,000 OO 

123,625 OO 

33,000 OO 

46,333 75 



121,000 OO 

90,000 OO 

100,000 OO 

110,000 OO 

30,000 OO 

40,000 OO 



Market Value. 
$356,700 OO 

142,780 OO^ 

95,000 OO 

100,000 OO 

124,000 OO 

35,100 OO 

50,400 OO 



172 



STATE MUTUAL LIFE ASSURANCE COMPANY. 



Cost Value. 

Chicago & Northwestern 89,680 00 

Chicago, Rock Island & Pacific. . 24,025 00 

Michigan Central 35,3°° 00 

N. Y. Central & Hudson River. . . 21,075 °° 

Chicago, Burlington & Quincy .... 28,400 00 

New York & New England 10,662 50 

Chicago & Eastern Illinois 52,262 50 

Dayton & Michigan 5, 000 00 

Chicago, Milwaukee & St. Paul. . 29,750 00 

Pittsburgh, Cleveland & Toledo. . 21,200 00 

Evansv'le, Terre Haute & Chicago, 10,250 00 

Boston, Barre & Gardner 7»5°0 00 

Burlington & Missouri., 18,600 00 

Baltimore & Ohio 100,000 00 

Strawn & Indiana State Line 25,000 00 

Central Pacific 30,000 00 

Railroad Stocks — 

Boston & Albany. 47,426 50 

Providence & Worcester 26,618 50 

Moms & Essex 25,450 00 

Old Colony 13,874 25 

Boston & Maine 20,200 25 

Chicago, Burlington & Quincy. . . 13,462 50 

Illinois Central I 3>5 2 5 00 

Chicago & Alton I 3,5SO 00 

Norwich & Worcester 24,544 00 

Municipal Bonds — 

Portland, Me 28,841 49 

Springfield 20,000 00 

Northampton 23,500 OO 

Meriden, Conn 32,225 00 

Bangor, Me 26,375 00 

Lawrence 75,000 00 

Newton 26,750 00 

Newburyport 6,300 00 

Lowell 62,500 00 

Portsmouth, N. H 19,260 00 

Dover, N. H 24,610 00 

Worcester . 86,600 00 

Holyoke 1 1,200 00 

Providence, R. 1 25,875 00 

Boston 75,125 00 

Pawtucket, R. 1 26,750 00 

Lynn 10,500 00 

Brookline 20,000 00 

Medway 2,350 00 

Winthrop 10,200 00 

West Springfield 12,625 00 

Berlin 10,000 00 



Par Value. 
80,000 OO 
20,000 OO 
35,000 OO 
20,000 OO 
30,000 OO 
10,000 OO 
52,000 OO 
' 5,000 OO 
25,000 OO 
20,000 OO 
10,000 OO 
7,500 OO 
20,000 OO 
100,000 OO 
25,000 OO 
30,000 OO 

30,000 OO 
20,000 OO 
20,000 OO 
10,000 OO 
12,300 OO 
11,000 OO 
10,000 OO 
10,000 OO 
15,000 OO 

30,000 OO 
20,000 OO 
25,000 OO 
32,000 OO 
25,000 OO 
70,000 OO 
25,000 OO 

6,000 OO 
60,000 OO 
18,000 OO 
23,000 OO 
80,000 OO 
10,000 OO 
25,000 OO 
75,000 OO 
25,000 OO 
10,000 OO 
20,000 OO 

2,000 OO 
10,000 OO 
12,500 OO 
10,000 OO 



Market Value. 
97,000 OO 
25,600 OO 
37,050 OO 
20,800 OO 
29,100 OO 
12,500 OO 
59,600 OO 

5,100 OO 
31,000 OO 
21,200 OO 
10,300 OO 

7,650 OO 

19,000 OO 

108,000 OO 

25,500 OO 

34,500 OO 

53,700 OO 
27,400 OO 
25,600 OO 
15,900 OO 
22,140 OO 
15,070 OO 
13,800 OO 
13,800 OO 
25,200 OO 

35,600 OO 
20,500 OO 
28,560 OO 
33,450 OO 
32,500 OO 
86,300 OO 
31,500 OO 
6,480 OO 
62,800 OO 
21,060 OO 
26,910 OO 
88,000 OO 

II,IOO OO 

26,250 OO 
78,000 OO 
27,500 OO 
10,900 OO 
21,000 OO 
2,000 OO 
10,000 OO 
12,625 °° 
10,200 OO 



STATE MUTUAL LIFE ASSURANCE COMPANY. 



173 



Cost Value. 

Grafton ...» 10,000 oo 

Rutland 5,000 oo 

Guilford, Vt 6,000 00 

Clinton 41,400 00 

Beverly 5^375 °° 

District of Columbia 30,887 50 

St. Paul, Minn 50,500 00 

Cincinnati, O 9*640 00 

Newark, N. J 57>5°o °° 

Minneapolis, Minn 41)922 50 

St. Louis, Mo 68,450 00 

Toledo, O 36,825 00 

Omaha, Neb 9,000 00 

Bank Stocks — 

Central, Worcester 2,500 00 

First, Boston 5,000 00 

City, Worcester. 4,000 00 

Third, Springfield 10,000 00 

Hide & Leather, Boston H>575 °° 

Shawmut, Boston 6,725 00 

Atlantic, Boston 24,723 75 

Grafton, Grafton 7»900 00 

Eliot, Boston 4>o75 50 

Quinsigamond, Worcester 10,090 00 

Howard, Boston I 7> II 5 50 

Leicester, Leicester 5,525 00 

Northborough, Northborough .... 2,000 00 

Continental, Boston 10,012 50 

Republic, Boston 7>562 50 

Webster, Webster 5)275 00 

Redemption, Boston 1 5,985 00 

Tremont, Boston 13,300 00 

Others 47,433 75 

Water Co. Bonds — 

Quincy Water Co I 5>075 00 

Totals $2,823,625 20 



Par Value. 
IO,000 OO 

5,000 OO 

6,000 OO 
40,000 00 
50,000 00 
25,000 00 
50,000 00 

8,000 00 
50,000 00 
41,000 00 
60,000 00 
36,000 00 

9,000 00 

2,500 00 

5,000 00 

4,000 00 

10,000 00 

11,200 00 

6,700 00 

19,500 00 

7,900 00 

4,000 00 

10,000 00 

16,700 00 

5,000 00 

2,000 00 

10,000 00 

7,500 00 

5,000 00 

11,500 00 

10,000 00 

40,200 00 

15,000 00 



Market Value. 
IO,IOO OO 

5,000 OO 
6,000 00 
41,200 00 
52,500 00 
29,850 00 
50,000 00 
9,600 00 

57,500 00 

42,230 00 

67,800 00 

37,800 00 

9,000 00 

3,750 00 

10,363 00 

4,800 00 

17,500 00 

13,342 00 

8,208 00 

27,153 00 

9,480 00 

4,910 00 

11,000 00 

19,664 00 

6,000 00 

2,400 00 

11,050 00 

10,425 00 

5,000 00 

14,518 00 

11,125 °° 

52,600 00 

15,150 00 



$2,616,000 00 $3,020,743 oo- 



174 UNION MUTUAL LIFE INSURANCE COMPANY. 



UNION MUTUAL LIFE INSURANCE COMPANY, f 

PORTLAND, ME. 

Commenced Business, October I, 1849 
hn E. DeWitt, President. Henry D. Smith, Secretary. 

Attorney in Connecticut, Insurance Commissioner. 



I. CAPITAL. 

No Capital Stock. 

Amount of net or ledger assets December 31, 1884 $5,97^,326 22 

II. INCOME DURING THE YEAR. 

Received for premiums without de- 
duction for commissions or other 

expenses $670,675 76 

Premiums on new business, $121,- 

839.52; on old, $548,836.24. 
Deduct amount paid to other com- 
panies for reinsurance of policies in / 

this Company 1)678 19 

Total premium income $668,997 57 

Interest on mortgage loans 150,996 76 

Interest on bonds owned, and dividends on stock. . 101,750 52 

Interest on premium notes, loans, or liens 42,482 01 

Interest on other debts due the Company 8,815 14 

Discount on endowments paid in advance 5°8 84 

Rents 57,103 81 

Total income 1,030,654 65 

Total $7,008,980 87 

III DISBURSEMENTS DURING THE YEAR. 

Cash paid for losses and additions .. . $436,105 76 
Premium notes, loans, or liens used in 

payment of same 33,303 00 

Cash paid for matured and discounted 

endowments and additions 200,842 94 

Premium notes, loans, or liens used in 

payment of same 33,3°8 00 

Total amount actually paid for 

losses and matured endowments $7°3>559 7° 



UNION MUTUAL LIFE INSURANCE COMPANY. 175 

Cash paid for surrendered policies 10,647 37 

Premium notes, loans, or liens used in purchase of 

surrendered policies, and toided by lapse 17,442 00 

■Cash surrender values, including reconverted addi- 
tions, applied in payment of cash premiums. . . . 27,768 01 

Cash dividends paid to policy-holders and applied 

in payment of premiums , 43,249 61 

Premium notes, loans or liens used in payment of 

dividends to policy-holders 17,010 00 

Total paid policy-holders $819,676 69 

Commissions to agents 52,127 36 

Salaries and traveling expenses of managers of 

agencies, and general, special, and local agents. . 82,141 40 

Medical examiners' fees and expenses 12,306 50 

Salaries and other compensation of officers and other 

office employes 44,022 38 

Taxes, licenses, fines, and fees 12,718 64 

Rent 12,406 61 

Avertising 11,509 49 

Commuting commissions 8,090 91 

Furniture and fixtures 2,580 55 

Printing, stationery, etc., $7,560.91 ; postage, ex- 
change, etc., $4,046.68; traveling expenses of 
officers and clerks, $3,302.85 ; law expenses, 

$7,823.34; miscellaneous expenses, $10,315.97. . 33>°49 75 

Profit and loss 13,257 90 

Total disbursements $1,103,888 18 

Balance $5,905,092 69 

IV. ASSETS. 

AS PER LEDGER ACCOUNTS. 
Appraised value of real estate unencumbered, as per 

Schedule A $2,020, 1 99 67 

Loans on bond and mortgage I )°35,39° 53 

Loans secured by pledge of bonds, stocks, or other 

marketable collaterals, as per Schedule C 92,867 00 

Loans made in cash to policy-holders, on the Com- 
pany's policies assigned as collateral 9>624 11 

Premium notes, loans, or liens on policies in force. . 668,166 00 
Bonds and stocks owned absolutely, as per Sched- 
ule E 1,972,431 89 

Cash in Company's office 190 72 

Cash deposited in banks 95,434 73 

Bills receivable S> l S 2 55 

Agents' and other ledger balances 4,775 78 

Cash in transit (since received) 859 71 

Total net or ledger assets $5,905,092 69 

Deduct depreciation from cost, of assets, to bring same to 

market value *5>572 57 

Total net or ledger assets (less depreciation) $5,889,520 18 



176 UNION MUTUAL LIFE INSURANCE COMPANY. 

OTHER. ASSETS. 

Interest due and accrued on bond and mortgage loans $24,625 54 

Interest accrued on bonds and stocks 18,492 13 

Interest accrued on collateral loans 528 30 

Interest due and accrued on premium notes, loans, or liens 18,316 01 

Rents due and accrued on Company's property or leases 2,043 44 

Market value of bonds and stocks over cost, as per Schedule E. . . . 67,676 34 

Gross premiums due and unreported on policies in 

force December 31, 1885 $5 2 >393 03 

Gross deferred premiums on policies in force De- 
cember 31, 1885 70,538 48 

Total $122,931 51 

Deduct the loading on above gross amount . . 24,586 30 

Net amount of uncollected and deferred premiums 98,345 21 

Total assets $6,119,547 15 



ITEMS NOT ADMITTED. 

Agents' and other ledger balances $4,775 78 

Bills receivable 5» I 5 2 55 

Total 9j928 ^3 

Total assets (less items not admitted). $6,109,618 82 



V. LIABILITIES. . 

Net present value of all the outstanding policies in 

force December 31, 1885, computed according to 

the Actuaries' or Combined Experience Table of 

Mortality, with four per cent, interest $5,661,033 00 

Deduct net value of risks of this Company reinsured 

in other solvent companies 2,891 00 

Net reinsurance reserve .• $5,658,142 00 

Premium obligations in excess of the net value of their policies .... 275 00 

Claims for death losses due and unpaid $2,000 00 

Claims for matured endowments due and unpaid. . . 12,644 95 

Claims for death losses and matured endowments 

in process of adjustment or adjusted and not due, I1[ >395 63 
Claims for death losses and other policy claims re- 
sisted by the Company 34,56.4 18 

Notices of death on which no proofs have been re- 
ceived 1 2,242 04 

Total policy claims 72,846^80 



UNION MUTUAL LIFE INSURANCE COMPANY. 177 

Unpaid dividends of surplus, or other property due policy-holders . . 6,407 44 

Contingent reserve 98° °° 

Premiums paid in advance I ,599 5° 

All other liabilities 1,000 00 

Liabilities on policy-holders' account $5,741,250 74 

Gross surplus on policy-holders' account 368,368 08 

Total liabilities $6,109,618 82 

VI. PREMIUM NOTE ACCOUNT. 

Premium notes, loans, or liens on hand December 

31, 1884 #737,59° 00 

Received during the year 43,oo6 00 

Total $780,596 00 

Deductions during the year. 

Notes, loans, or liens used in payment of losses and 

claims $66,61 1 00 

Notes, loans, or hens used in purchase of surrendered 

policies, and void by lapse, 1 8,597 °° 

Notes, loans, or liens used in payment of dividends 

and reduction of premiums to policy-holders. ... 17,010 00 

Notes, loans, or liens redeemed by maker in cash. . 4,989 00 

Notes, loans, or liens transferred S, 22 3 °° 

Total reduction of premium note account 1 12,430 00 

Balance note assets at the end of the year $668,166 00 

VII. EXHIBIT OF POLICIES. 

Policies and Additions in force at the end of the previous year. 

Number. Amount. 

Whole life policies 6,108 $11,542,952 00 

Endowment policies 6,087 9,586,255 00 

All other policies I ,637 3,025,224 00 

Reversionary additions .... 128,314 09 

New Policies issued during the year. 

Number. Amount. 

Whole life policies t 68 1 14,082 00 

Endowment policies 2 ,*94 4>°°3,744 °° 

All other policies 14 14,500 00 

Old Policies revived during the year. 

Number. Amount. 

Whole life policies 2 3,000 00 

Endowment policies 27 48,500 00 

All other policies 1 5,000 00 

Reversionary additions .... 1,278 51 



178 UNION MUTUAL LIFE INSURANCE COMPANY. 

Old Policies transferred during the year. 

Number. Amount. 

Endowment policies i 3,ooo oo 

Additions by Dividends . 

Number. Amount. 

Reversionary additions .... 42,744 00 

Total number and amount 16,139 $28)518,593 60 

Deduct policies ceased to be in force 2,178 3,95 1,155 93 

Total policies in force at end of the year 13,961 $24,567,437 67 

Policies reinsured . 18 86,778 00 

Policies ceased to be in force during the year. 

Number. Amount. 

By death 185 $407,005 62 

By maturity and discount 196 233, 579 89 

By expiry (term) 264 484,145 00 

By surrender 109 200,035 46 

By lapse 856 1,468,344 26 

By decrease . . .... 71,016 99 

By reconversions .... 828 71 

By transfer I 3,000 00 

By not taken , 567 1,083,200 00 

Total terminated 2,178 $3,951,155 93 

VIII. BUSINESS IN CONNECTICUT DURING 1885. 

Number. Amount. 
Number and amount of policies in force in Connecticut 

December 31, 1884 118 $189,853 26 

Number and amount of policies issued and increased during 

the year 8 12,137 49 

Totals 126 $201,990 75 

Deduct number and amount ceased to be in force . . 12 I 3, I 35 l 9 

Total number and amount in force Dec. 31, 1885, 114 $188,855 5^ 

Number. Amount. 

Number and amount of losses and claims on policies in- 
curred during the year 2 1,684 97 

Number and amount of losses and claims on policies paid 

during the year 2 1,684 97 

Premiums collected : .... 5,057 86 

Schedule A — Peal Estate owned by the Company. 

Ninety pieces of real estate, appraised value $2,020,199 67 



UNION MUTUAL LIFE INSURANCE COMPANY. 



179 



Schedule C — Loans on Collateral. 

Par Value. Market Value. Amt. Loaned. 

Maine Central R. R. 7 p. c. bonds, 1912. . $1,500 $1,912 50 ] 

Flint & Pere Marq. R. R. 6 p. c. bds, 1920, 5,000 5,825 00 I 

Cleveland, O., 6 p. c. bonds, 1896 1,000 1,148 00 I $10,000 00 

Bath, Me., 6 p. c. bonds, 1891 2,000 2,090 00 1 

Fort Wayne, Ind., 6 p. c, bonds, 1899 . . . 1,000 1,098 75 J 

Westbrook Manufacturing Co. stock 18,000 20,160 00 ^15,000 00 

Westbrook Manufacturing Co. stock 10,000 11,200 00 9,000 00 

Maine Central R. R. 7 p. c. bonds, 1912, 10,000 12,750 00 10,000 00 

Lewiston & Auburn H. R. R. stock 1,500 1,125 °° 55° °° 

Wells, Fargo & Co. stock 4,000 4,800 00 3,000 00 

Central Wharf, Portland, Me., stock .... .... 24,000 00 12,000 00 

First National Bank, Portland, Me., stock, 1,000 1,490 00 1,100 00 

New York Cen. & Hud. River R. R. stk, 8,000 8,440 00 6,000 00 

Flint & Pere Marquette R. R. stock 10,000 8,550 00 6,000 00 

European & North American R. R. stock, 2,600 2,730 00 1,600 00 

Nineteenth Ward Bank, N. Y. city, stock, 2,000 2,200 00 1,600 00 

Flint & Pere Marquette R. R. pref. stock, 5, 000 4,275 00 -v 

Chicago & Northwestern R. R. com. stock, 2,000 2,210 00 V 5, 600 00 

Metropolitan Elev. R. R. 2d m. bds, 1899, 1,000 1,090 00 ) 

Den'son Paper Mfg. Co. 1st m. bds,'87-'9l, 4,000 4,000 00 -v 

Maine Central R. R. 7 p. c. bonds, 1912, 1,000 1,275 °° \ 5,°oo 00 

Portland, Me., 6 p. c. bonds, 1886 1,000 1,017 5° ' 

St. Louis & San Fran. R.R. "B" bds, 1906, 1,000 1,06000 81700 

First National Bank, Houlton, Me., stock, 1,000 1,200 00 1,000 00 

U. S. Life Insurance Co., N. Y. city, stock, 5,800 5,80000 4,60000 

Totals $99,400 $131,446 75 $92,867 00 



Schedule E — Stocks and Bonds owned by the Company.' 

Par Value. Market Value. 

United States Bonds — 

United States 4 p. c. gold, 1907 $50,000 00 $61,562 50 

" 6 p. c. currency, 1899 50,000 00 67,375 00 

Municipal Bonds — 

Berlin, N. H. 4 p. c, 1891-1897 7,000 00 6,510 00 

Brunswick, Me., 4 p. c, 1886-1894 4,000 00 4,000 00 

Big Run and Georgesville, Franklin Co., O., 

6 p. c, 1887-1890 5,ooo 00 5,107 14 

Biddeford, Me., 4 p. c, 1897 20,000 00 20,400 00 

Delaware City, O., 6 p. c, 1901 5,000 00 5,55o 00 

Highland Co., O., 6 p. c, 1890-1900 20,000 00 21,486 00 

Lewiston, Me., 6 p. c, 1901 20,000 00 23,950 00 

Louisville, Ky., 4 p. c, 1923 25,000 00 23,937 50 

Minneapolis, Minn., 4^ p. c, 1912 10,000 00 10,300 00 

Minnesota 4^ p. c, 1891 25,000 00 26,000 00 

Miama Co., O., 6 p. c, 1887-1898 24,000 00 25,200 00 

Portland, Me., 6 p. c, 1 887-1907 76,500 00 88,336 25 



180 



UNION MUTUAL LIFE INSURANCE COMPANY. 



Par Value. Market Value. 

Richmond, Va., 8 p. c, 1903 10,000 00 14,500 00 

Shelbyville, Ind., 6 p. c, 1886-1890 3,000 00 3,067 50 

Springfield, O., 6 p. c, 1895-1900 25,000 00 27,291 66 

Sheldon, Vt, 4^ p. c, 1886-1890 10,000 00 10,000 00 

Terre Haute, Ind., 5^ p. c, 1905 10,000 00 10,610 00 

Union Co., O., 5 p. c, 1886-1887 14,000 00 14,000 00 

Vigo Co., Ind., 5 p. c, 1896-1905 25,000 00 25,000 00 

Wilmington, Del., 5 p. c, 1897 5,000 00 5,ooo 00 

Railroad Bonds — 

Atchison, Topeka & Santa Fe 7 p. c, 1899 25,000 00 30,687 50 

Buffalo & Erie, L. Shore & Mich, div., 7 p. c, 1898, 50,000 00 61,000 00 

Charles River Street 5 p. c, 1904, 10,000 00 10,000 00 

Chicago & West Michigan 5 p. c, 1921 100,000 00 96,000 00 

Chicago & Northwestern currency 7 p. c, 1915.. 25,000 00 34>875 00 

Chicago, Burlington & Quincy 4 p. c, 1919.... 50,000 00 49,625 00 

Dayton & Michigan 5 p. c, 191 1 25,000 00 26,125 00 

Erie 1st consolidated 7 p. c, 1920 50,000 00 64,000 00 

Fremont, Elkhorn & Mo. Val. guar. 6 p. c, 1933, 25,000 00 29,062 50 

Flint & Pere Marquette 6 p. c, 1920 40,000 00 46,600 00 

Kansas & Missouri guar. 5 p. c, 1922 10,000 00 10,000 00 

Kansas City, St. Jo. & Council Bluffs 7 p. c, 1907, 15,000 00 18,487 50 

Maine Central Extension 6 p. c, 1900 9,000 00 10,080 00 

Milwaukee & St. Paul (C. & M. D.) 7 p. c, 1903, 25,000 00 32,500 00 

Mich. Central (Bay City Div.) 5 p. c, 1931. . .. 50,000 00 52,875 00 

N. M. & S. P. 7 p. c. (A. T. & S. F.), 1909 50,000 00 61,500 00 

New York & New England 6 p. c, 1905 50,000 00 57,250 00 

Ohio & Mississippi con. 7 p. c, 1898 10,000 00 12,300 00 

Oregon Short Line 6 p. c, 1922 50,000 00 48,750 00 

Oregon Railway & Nav. Co. 5 p. c. 1925 „ 50,000 00 50,500 00 

Pueblo & Ark. Val. 7 p. c. (A. T. & S. F.), 1905, 25,000 00 30,500 00 

* Portland & Ogdensburg 1st m. 6 p. c, 1900. . . 33, 5°° °° 35,*75 °° 
Quincy, Alt. & St. L. 5 p. c. (C. B. & Q.,), 1896, 50,000 00 50,500 00 
St. Louis & San Francisco "B" 6 p. c, 1906. . . 50,000 00 53,000 00 

Staten Island Rapid Transit 6 p. c, 1913 8,000 00 9,280 00 

Union Pacific 6 p. c, 1896-1899 50,000 00 58,500 00 

Wichita & Southw'n 7 p. c. (A. T. & S. F.), 1902, 10,000 00 11,500 00 

Railroad Stock — 

Portland, Saco & Portsmouth 12,500 00 15,437 50 

Bank Stock — 

*Biddeford National Bank, Biddeford, Me 2,000 00 2,900 00 

* Canal National Bank, Portland, Me 20,000 00 34,000 00 

* Casco National Bank, Portland, Me 16,300 00 25,754 00 

* Cumberland National Bank, Portland, Me .... 4,000 00 5, 200 00 

* Georges National Bank, Thomaston, Me 1,200 00 1,200 00 

* First National Bank, Auburn, Me 2,000 00 2,900 00 

* First National Bank, Wiscasset, Me 1,000 00 1,300 00 

Importers & Traders National Bank, N. Y. City, 5,000 00 13,000 00 



* Valued by Bank Examiner of Maine. 



UNION MUTUAL LIFE INSURANCE COMPANY. 



181 



* First National Bank, Lewiston, Me 

* First National Bank, Bangor, Me 

* First National Bank, Biddeford, Me , 

* First National Bank, Augusta, Me 

* First National Bank, Portland, Me 

* Lime Rock National Bank, Rockland, Me 

* Merchants National Bank, Portland, Me 

* Manufacturers National Bank, Lewiston, Me. . 

* National Shoe & Leather Bank, Auburn, Me . . 

* Norway National Bank, Norway, Me 

* Northern National Bank, Hallowell, Me 

* Northern National Bank, Rockland, Me , 

* National Traders Bank, Portland, Me 

* Peoples National Bank, Waterville, Me 

* Richmond National Bank, Richmond, Me . . . . 

* Rockland National Bank, Rockland, Me 

* Ticonic National Bank, Waterville, Me 

* Veazie National Bank, Bangor, Me 

Miscellaneous — 

Ellsworth, Me., 5 p. c. notes, 1886 

Province of Ontario, annuities, 1 885-1 925 

Totals 



Par Value. 

IO,000 OO 

1,200 OO 

3,800 OO 

5,000 OO 

5,800 OO 

8,750 OO 

1,125 OO 

5,000 OO 

4,000 OO 

1,000 OO 

10,000 OO 

10,000 OO 

2,100 OO 

3,000 OO 

700 OO 

5,000 OO 

3,500 OO 

5,000 OO 

4,000 OO 
553,000 OO 



Market Value. 
16,500 OO 
1,560 OO 
6,270 OO 
6,250 OO 
8,584 OO 

9,375 °o 

1,800 00 

6,000 OO 

4,640 OO 

1,120 OO 

14,300 OO 

14,000 OO 

2,982 OO 

4,200 OO 

910 OO 

8,000 OO 

4,970 OO 

6,250 OO 

4,000 OO 
266,849 6 8 



$2,094,975 00 $2,040,108 23 



* Valued by Bank Examiner of Maine. 



182 UNITED STATES LIFE INSURANCE COMPANY. 



UNITED STATES LIFE INSURANCE COMPANY, 

NEW YORK CITY. 

Commenced Business, March 4, 1850. 

T. H. Brosnan, President. C. P. Fraleigh, Secretary. 

Attorney in Connecticut, Insurance Commissioner. 



I. CAPITAL. 

Capital stock paid up in cash $440,000 00 

Amount of net or ledger assets December 31, 1884 $5,026,375 99 



II. INCOME DURING THE YEAR. 

Cash received for premiums without 
deduction for commissions or other 

expenses. , $665,426 87 

Premiums on new business, $150,- 

726.46; on old, $514,700.41. 
Deduct amount paid to other com- 
panies for reinsurance of policies 

in this Company 5>°37 84 

Total premium income $660,389 03 

Interest on mortgage loans 129,949 72 

Interest on bonds owned, and dividends on stock. . 106,270 16 

Interest on premium notes, loans, or liens 7.678 22 

Interest on other debts due the Company IO ?573 2 ° 

Rents for use of Company's property 2,458 14 

Total income 917,318 47 



Total $5,943,694 46 



III. DISBURSEMENTS DURING THE YEAR. 



Paid for death losses and additions.. $306,364 27 
Paid for matured endowments and 

additions 81,400 84 



Total amount actually paid for losses 

and matured endowments $387,765 1 1 



UNITED STATES LIFE INSURANCE COMPANY. 183 

Paid annuitants 761 20 

Paid for surrendered policies and additions 111,979 83 

Total paid policy-holders $500,506 14 

Dividends to stockholders 30,800 00 

Commissions to agents 86,928 37 

Salaries and traveling expenses of managers of 

agencies, and general, special, and local agents. . 51,180 59 

Medical examiners' fees 9>832 10 

Salaries and other compensation of officers and other 

office employes 47,472 59 

Taxes, licenses, fines, and fees I S»5°7 37 

Rent 21,731 67 

Advertising I 5> 2 65 93 

Printing and stationery, $5,355.98 ; exchange and 
express, $4,578.32; law expenses, $6,692.49; 
directors' fees, $2,525.00; traveling expenses, 
officers, and office employes, $1,606.73; miscel- 
laneous expenses, $6,660.87 '■> profit and loss 

account, $14,808.31 42,227 70 

Total disbursements 821,452 46 

Balance $5,122,242 00 



IV. ASSETS. 

AS PER LEDGER ACCOUNTS. 

Real estate unencumbered, as per Schedule A $50,381 81 

Loans on bond and mortgage (first liens) 2,355,208 23 

Loans secured by pledge of bonds, stocks, or other 

marketable collaterals, as per Schedule C 104,487 45 

Premium notes, loans, or liens on policies in force. . 145,913 31 
Cost value of bonds and stocks owned absolutely, as 

per Schedule E 2,325,359 27 

Cash in Company's office 523 66 

Cash deposited in banks 105,236 97 

Bills receivable 9>998 70 

Agents' ledger balances 25,132 60 

Total net or ledger assets $5,122,242 00 



OTHER ASSETS. 

Interest due and accrued on bond and mortgage loans 22,350 30 

Interest accrued on bonds and stocks 39> J 34 46 

Interest due and accrued on premium notes, loans, or liens, and 

bank balances 7,223 88 



184 



UNITED STATES LIFE INSURANCE COMPANY. 



Market value of real estate over cost, as per Schedule A 30,118 19 

Market value of stocks and bonds over cost, as per Schedule E. . . . 135,091 79 

Gross premiums due and unreported on policies in 
force December 31, 1885 $59-642 30 

Gross deferred premiums on policies in force Decem- 
ber 31, 1885 7°. 6 5° 74 

Total $130,293 04 

Deduct 10 per cent, on above gross amount. . 13,029 30 

Net amount of uncollected and deferred premiums 117,263 74 

Total assets $5,473,424 36 



ITEMS NOT ADMITTED. 



Agents' balances 

Bills receivable and interest thereon . 



Total 



Total assets (less items not admitted) . 



25,132 60 

9,998 70 



35.I3 1 30 



5,438,293 06 



V. LIABILITIES. 

Net present value of all the outstanding policies in 
force on the 31st day of December, 1885, computed 
according to the Actuaries' or Combined Experi- 
ence Table of Mortality, with four per cent, 
interest $4,837,876 00 

Deduct net value of risks of this Company, reinsured 

in other solvent companies 39,630 00 

Net reinsurance reserve $4,798,246 00 

Claims for death losses and matured endowments in 

process of adjustment, or adjusted and not due. . . $16,242 86 

Claims for death losses and other policy claims 

resisted by the Company 10,000 00 

Total policy claims 26,242 86 

Premiums paid in advance, $2,849.74 ; accrued rents and unpresented 
accounts, $4,541.27; liability on lapsed policies presentable for 
surrender, $2,037.00; total 9,428 01 

Liabilities on policy-holders' account $4,833,916 87 

Gross surplus, including capital, on policy-holders' account. . 604,376 19 

Total liabilities $5,473,424 36 

VI. PREMIUM NOTE ACCOUNT. 

Premium notes, loans, or liens on hand December 

3 1 , 1884 $122,931 32 

Received during the year 52,895 32 

Total .' $175,826 64 



UNITED STATES LIFE INSURANCE COMPANY. 185 

Deductions during the year. 

Notes, loans, or liens used in payment of losses and 

claims $4,525 02 

Notes, loans, or liens used in purchase of surrendered 

policies, and void by lapse 6,132 03 

Notes, loans, or liens redeemed by maker in cash. . 19,256 28 

Total reduction of premium note account $29,913 33 

Balance note assets at the end of the year $145,913 31 



VII. EXHIBIT OF POLICIES. 

Policies and Additions in force at the end of the previous year. 

Number. Amount. 

Whole life policies 8,267 $16,323,725 

Endowment policies 1,601 2,732,922 

All other policies 264 713,217 



New Policies issued during the year. 

Number. Amount. 

Whole life policies , ^^S 3>39 x >445 

Endowment policies 175 371,510 

All other policies 7 25 ,000 



Whole life policies . 
Endowment policies . 



Old Policies revived during the year. 



ier. 


Amount. 


16 


47,5°° 


2 


3,O0O 



Old Policies increased and changed during the year. 

Number. Amount. 

Whole life policies 13 34,000 

Endowment policies 2 2,805 

All other policies 72 184,000 

Total number and amount 11,714 $23,829,124 

Deduct policies ceased to be in force 1,529 3,675,271 

Total policies in force at the ead of the year. . 10,185 $20,153,853 

Policies reinsured 34 199,200 



186 



UNITED STATES LIFE INSURANCE COMPANY. 



Policies ceased to be in force during the year. 

Number. Amount. 

By death 177 $309,053 

By maturity (end.) 58 82,312 

By expiry (term) 15 47,000 

By surrender 199 498,472 

By lapse 844 2,005,818 

By change and decrease 14 115,116 

By not taken 222 617,500 

Total terminated 1,529 $3,675,271 



VIII. BUSINESS IN CONNECTICUT DURING ii 



Number and amount of policies in force -in Connecticut 

December 31, 1884. 

Number and amount of policies issued during the year . . 

Totals 

Deduct number and amount ceased to be in force . 

Total number and amount in force Dec^l, 188' 

Number and amount of claims unpaid December 31, 1884. 
Number and amount of losses and claims on policies in- 
curred during the year 

Number and amount of claims paid during the year . . 
Premiums collected in cash 



Number, 
t 


Amount. 


277 


$3 2 5>°5o 


64 


126,630 


341 


$451,680 


56 


77,270 


285 


$374,410 


Number. 


Amount. 


None. 


Nil. 


1 


$1,000 00 


1 


1,000 00 




J7.233 74 



Schedule A — Real Estate owned by the Companv. 

In New York City $21,744 67 

Elsewhere in New York 20,479 °S 

In New Jersey 8,158 06 



Total cost 

Market value over cost . 

Total market value . 



850,381 81 
30,118 19 



50,500 00 



Schedule C — Loans on Collateral. 



Western Union Telegraph Co. stock 

Missouri Pacific R'y 3d mort. 7 p. c. bonds, 
American Telegraph. & Cable Co. stock. . 
N. Y., Lack. & West. Railway Co. stk. . 
United States 4 p. c. consols, coup, bonds, 
Missouri Pacific R'y 3d mort. 7 p. c. bonds, 
American Telegraph & Cable Co. stock. . 

Western Union Telegraph Co. stock 

American Telegraph & Cable Co. stock . . 



3 ar Value. 


Market Value 


Amt. Loaned. 


$7,500 


$5,475 OO 1 




1,000 


1,165 °° 




16,300 


10,921 OO 


$16,700 OO 


6,600 


6,567 OO 




200 


246 75 J 




2,000 


2,330 OO -J 




4,000 


2,680 OO 


\ 3.375 00 


50O 


365 OO 




2,500 


1,675 °° 


1,250 00 



UNITED STATES LIFE INSURANCE COMPANY. 



187 



Par Value. Market Value. 

Missouri Pacific Railway Co. stock 10,000 11,000 00 

Western Union Telegraph Co. stock 10,000 7,300 00 

American Telegraph & Cable Co. stock. . 7,000 4,690 00 

Imp. & Traders Nat. Bank (N. Y.) stock, 400 1,060 00 

Germania Fire Ins. Co. (N. Y.) stock. . . . 4,000 10,320 00 

Gt.WesternR.R. Co. 18592c! m. 7p.c. bds, 15,000 15,15000^ 
St. Louis, Kansas City & Northern R'y real 

estate and railway 7 p. c. m. bds., 1895, 10,000 10,950 00 

Missouri Pacific 3d mort. 7 p. c. bonds. . . 5,000 5,825 00 
Chi., St. Paul, Minneapolis & Omaha R'y 

Co. 6 p. c. con. mort. bonds 4,000 4,760 00 

Col. & Hocking Valley R. R. 30 yr. 7 p. c. 

sinking fund bonds 4,000 4,710 00 f- 

Imp. & Traders Nat. Bank (N. Y.) stock, 500 1,325 00 

Lockwood Co., Waterville, Me., stock. . . 5,000 4,250 00 
Chi., St. Paul & Minneapolis R'y. 6 p. c. 

1st mort. gold bonds 500 615 00 

Wisconsin Val. R. R. 7 p. c. 1st m. bonds, 1,000 1,290 00 
Missouri, Kansas & Texas R'y con. mort. 

7 p. c. land grant bonds 15,000 17,250 00 

N. Y. Central ext. 5 p. c. debt cer., 1893, . 3,000 3,165 00 

United States 4^ p. c. bonds 3,000 3,390 00 "I 

Central R. R. of N. J. conv. bonds, 1902, 10,000 10,700 00 / 

Metropolitan Trust Co. stock (N. Y.). . . . 3,000 3,600 00 

The Car Trust Co., N. Y., No. 3, stock. . 1,000 700 00 

Total $152,000 $153,474 75 



Amt. Loaned. 



17.3" 45 



50,000 00 



2,500 00 
10,000 00 

3,000 00 
350 00 



$104,487 45 



Schedule E — Stocks and Bonds owned by 
Cost Value. 



United States and District Bonds — 

United States 4 p. c. con. reg., 1907, $11,702 55 
United States 41^ p. c. reg., 1891 . . 46,102 74 

Dist. of Col. 3.65 fdg. reg., 1924, 131,384 4© 

Municipal Bonds — 

Jersey City water loan, 1891 > 

» « 1893 \ 3,855 00 

" 1905 -> 

it „ >■ 53,i6o 00 

" reg., 1905 j • >0 ' 

" revenue, 1886 64,125 00 

" water scrip, 1902.... 1,092 50 

" improve, reg., .1891.. -k 

" 1892.. I 55»425 00 

" 1893.. J 

City of Newark, N. J., reg., 1908, 116,000 00 

Railroad Bonds — 

N. Y., Lack. & W. 1st m., 1921 . . 108,750 00 

N. Y., L. & W. con. 2d m., 1923 . . 49,793 75 

Oswego & Syr. guar. con. m., 1923, 30,600 00 



the Company. 
Par Value. 

$10,000 OO 

40,000 OO 

120,000 OO 

2,000 OO 
2,000 OO 

43,000 OO 
6,000 OO 

60,000 OO 
1,000 OO 

50,000 OO 

1,000 OO 

1,000 OO 

100,000 OO 

100,000 OO 
50,000 OO 
30,000 OO 



Market Value. 
$12,237 50 

44,950 OO 
140,400 OO 

2,120 OO 

2,130 OO 
49,880 OO 

6,960 OO 
60,600 OO 

1,150 OO 

55,500 00 

1,110 OO 

1,120 00 

120,000 OO 

124,500 OO 
51,960 OO 
31,401 OO 



188 UNITED STATES LIFE INSURANCE COMPANY. 

Cost Value. Par Value. Market Value. 

Chi. & No. W. 5 p. c.sk. fd., 1929, 99,099 32 100,000 00 108,750 00 

Chi., Mil. & St. Paul 1st mort., So. 

Minnesota div., 1910 102,434 93 100,000 00 114,500 00 

Chi., Mil; & St. Paul 1st mort., C. 

& P. Western div., 1921 46,256 00 50,000 00 5l> 2 5° °° 

Missouri Pacific con. 1st m., 1920, 100,896 06 100,000 00 107,000 00 
Missouri Pacific 3d mort., 1906.. 111,600 69 100,000 00 115,340 00 

Central Iowa 1st mort. gold, 1899, 107,443 84 100,000 00 107,792 00 
Hannibal & St. Jo. con. mort, 191 1, 56,250 00 50,000 00 58,250 00 

St. L., Iron Mt. & So. gen. con. r'y 

andjjland grant mort. gold, 1931, 35,732 88 50,000 00 44,375 00 

St. L. & Iron Mt. 2d m. gold, 1897, 53,45664 50,00000 55,41700 

Chi., Bur. & Quincy deben. 1913, 46,195 21 50,000 00 53,208 50 

Mo. Kan. & Tex. con. 1st m. land 

grant &skg. fd. gold, 1904-1906, 106,09955 1 00,000 00 112,08400 

Mo., Kan. & Texas gen. con. mort. 

gold, 1920 , 20,27833 25,00000 22,875 00 

Oregon R'y & Navigation Co. 1st 

mort. gold, 1909 50,487 90 48,000 00 53,040 00 

N. Y. Central deb. cert, extended 

5 p. c, 1893 84,454 37 81,50000 85,30360 

N. Y. Central 5 p. c. deb., 1904. . 124,167 50 119,000 00 128,024 96 

Lou. & Nash. gen. mort., 1930. . . 45,75o 00 50,000 00 51,750 00 

Kansas Pacific con. 1st mort., -1919, 48,855 II 50,00000 49,50000 

Chicago, St. Paul, Minn. & Omaha 

con. mort., 1930 27,750 00 25,000 00 29,625 00 

Albany & Susq. 1st con. guar. mort. 

(guar. by D.&H. Can. Co.), 1906 174,557 50 154,00000 179,41000 
Bur., Cedar Rap. & North'n, Iowa, 

Minn. & Dak. div., con. 1st m., 

1934 42,000 00 50,000 00 49,375 00 

City of Louisville, Ky., Elizabeth- 
town & Paducah sub., 2d series, 

1903 1 1,950 00 10,000 00 12,200 00 

Chi., Rock Island & Pacific 1st m. 

exten. and col. 5 p. c, 1934. . . 104,750 00 100,000 00 109,000 00 

N. Y. Elevated 1st mort., 1906. . . 29,435 83 25,000 00 31,062 50 

Metropolitan Elev. 1st m. g., 1908, 23,466 67 22,000 00 25,300 00 

Totals $2,325,359 27 $2,225,500 00 $2,460,45 1 06 



VERMONT LIFE INSURANCE COMPANY. 189 



VERMONT LIFE INSURANCE COMPANY, 

BURLINGTON, VERMONT. 

Commenced Business, September, 1869. 

William H. Hart, President. C. R. Turrill, Secretary. 

Attorney in Connecticut, Insurance Commissioner. 



I. CAPITAL. 

Amount of capital paid up in cash $ 100,000 00 

Amount of net or ledger assets December 31, 1884 $256,680 16 

II. INCOME DURING THE YEAR. 

Cash received for premiums without 

deduction for commissions or other 

expenses $47,805 75 

Premiums paid by dividends, $2,- 

899.39; ^ surrendered policies, 

#938.51 3.837 90 

Premiums on new business, $12,- 

544.55; on old, $39,099.10. 

Total $51,643 65 

Deduct premium paid for reinsurance, 462 75 

Total premium income $5 1,180 90 

Interest on mortgage loans 10,355 97 

Interest on bonds owned, and dividends on stock . . 2,941 00 

Interest on premium notes, loans, or liens 973 52 

Rents for use of Company's property. 641 89 

Miscellaneous sources 1 14 26 

Total income 66,207 54 



Total $322,887 70 



III. DISBURSEMENTS DURING THE YEAR. 



Cash paid for losses and additions. . $15,500 00 
Cash paid for matured endowments 
and additions 1,000 00 



Total amount actually paid for losses and 

matured endowments $16,500 00 



190 VERMONT LIFE INSURANCE COMPANY. 

Cash paid for surrendered policies 6,656 26 

Premium notes used in purchase of same and voided 

by lapse 895 21 

Cash surrender values applied in payment of pre- 
miums 938 5 1 

Cash dividends paid to policy-holders 3 5 oio 71 

Total paid policy-holders $28,000 69 

Commissions to agents 5,65 1 66 

Dividends to stockholders 3jOOO 00 

Salaries and traveling expenses of managers of 

agencies, and general, special, and local agents . . 3>368 58 

Medical examiners' fees 899 10 

Salaries and other compensation of officers and other 

office employes 3>553 4 1 

State and local taxes in State where organized, 
$311.66; taxes, licenses, fines, and fees in other 

States, $625.03 ; total 936 69 

Rent 560 07 

Advanced officers and agents, to be repaid out of 

future commissions 361 91 

Advertising 315 81 

Furniture and fixtures 86 37 

Miscellaneous expenses !>76l 55 

Total disbursements 48,495 



Balance . ., $274,391 86 

IV. ASSETS. 

AS PER LEDGER ACCOUNTS. 

Real estate unencumbered, as per Schudule A $15,036 29 

Loans on bond and mortgage (first liens) 185,672 00 

Loans secured by pledge of bonds, stocks, or other 

marketable collaterals, as per Schedule C 13,000 00 

Loans in cash on this Company's policies assigned, 572 00 

Premium notes, loans, or liens on policies in force. . 2,301 73 
Cost value of bonds and stocks owned absolutely, 

as per Schedule E 46,951 50 

Cash in Company's office 999 37 

Cash deposited in banks 9)858 97 

Total net or ledger assets $274,391 86 



OTHER ASSETS. 

Interest due and accrued on bond and mortgage loans 4>946 89 

Interest due and accrued on bonds and stocks 105 00 

Interest due and accrued on collateral loans 48 17 

Interest accrued on premium notes, loans, or liens 1 14 22 

Rents due and accrued m 00 



VERMONT LIFE INSURANCE COMPANY. 191 

Market value of bonds and stocks over cost, as per Schedule E 6,430 50 

Market value of real estate over cost, as per Schedule A 2,000 00 

Gross premiums due and unreported on policies in 

force December 31, 1885 $620 16 

Gross deferred premiums on policies in force De- 
cember 31, 1885 9,364 19 

Total #9>984 35 

Deduct the loading on above gross amount. . !>497 °° 

Net amount of uncollected and deferred premiums 8,487 35 

Furniture, fixtures and safes 2,456 07 

Gash advanced to agents 361 91 

Total #299,452 97 

ITEMS NOT ADMITTED. 

Furniture, fixtures and safes #2,456 07 

Cash advanced officers and agents 361 91 

2,817 98 



Total assets (less items not admitted) #296,634 99 

V. LIABILITIES. 
Net present value of all the outstanding policies in 
force December 31, 1885, computed according to 
the Actuaries' or Combined Experience Table of 
Mortality, with four per cent, compound interest, #201,852 00 

Deduct value of risks reinsured 2,195 °° 

Net reinsurance reserve #l9g,657 00 

Claims for death losses and matured endowments in process of adjust- 
ment, or adjusted and not due 2,031 02 

Liabilities on policy-holders' account #201,688 02 

Gross surplus, including capital, on policy-holders' account. . 94,946 97 

Total liabilities #296,634 99 

VI. PREMIUM NOTE ACCOUNT. 
Not reported. 

VII. EXHIBIT OF POLICIES. 

Policies and Additions in force at the end of the previous year. 

Number. Amount. 

Whole life policies 492 #701,441 00 

Endowment policies 618 645,985 00 

All other policies 52 87,000 00 

New Policies issued during the year. 

Number. Amount. 

Whole life policies 92 82,395 00 

Endowment policies 279 270,987 00 

All other policies 2 2,000 00 



192 VERMONT LIFE INSURANCE COMPANY. 

Old Policies revived during the year. 

Number. Amount. 

Whole life policies i 1,000 oo 

Additions by dividends. 

Number. Amount. 

Whole life policies .... 379 OO' 

Endowment policies .... 24 oo 

All other policies 7 6,500 00 

Total number and amount *,543 $ r , 797,7* * °o 

Deduct policies ceased to be in force 366 390,562 00 

Total policies in force at the end of the year . . 1,177 $1,407,149 00 

Policies reinsured 9 20,685 °° 

Policies ceased to be in force during the year. 

Number. Amount. 

By death 7 $17,060 00 

By maturity (end) I 1,000 00 

By expiry (term) 9 1 1,000 00 

By surrender 117 123,336 00 

By lapse 154 163,416 00 

By not taken 78 74,75° 00 

Total terminated 366 $390,562 00 



VIII. BUSINESS IN CONNECTICUT DURING 1885. 

Number. Amount. 

Number and amount of policies in force in Connecticut, 

December 31, 1884 None. 

Number and amount of policies issued during the year. ... 9 n>5 00 °o 

Totals 9 $11,50000 

Number and amount of losses and claims on policies in- 
curred during the year None. 

Number and amount of claims paid in year None. 

Premiums collected in cash during the year $349 9 l 

Schedule A — Real Estate owned by the Company. 

In Burlington, Vt $15,036 29 

Total cost. $15,036 29 

Market value over cost 2,000 00 

Total market value $1 7,036 29 



WASHINGTON LIFE INSURANCE COMPANY. 193 

Schedule C — Loans on Collateral. 

Par Value. Mar. Value. Amt. Loaned. 

National Car Co. stock $8,800 $8,360 00 $6,500 00 

" " " 7,000 6,650 00 3,5°° °° 

" " " 5,000 4,75000 2,50000 

Minnesota Township bonds 500 500 00 500 00 

Totals $21,300 $20,260 00 $13,000 00 

Schedule K — Stocks and Bonds owned by the Company. 

Cost Value. Par Value. Market Value. 

Municipal Bonds — 

City of Burlington $4,760 00 $4,700 00 4,982 00 

Bank Stocks — 

Merchants National 11,641 50 10,200 00 15,300 00 

Howard " 17,00000 17,00000 19,55000 

Miscellaneous — 

Burlington Gas Light Co. stock. . . 3,050 00 3, 5 °° 3, 5° °° 

National Car Co. bonds 10,500 00 10,500 00 10,500 00 

Totals $46,95150 $45,45000 $53,38200 



WASHINGTON LIFE INSURANCE COMPANY, 
i 

NEW YORK CITY. 

Commenced Business, February 2, i860. 

W. A. Brewer, Jr., President. Cyrus Munn, Assistant Secretary. 

Attorney in Connecticut, Insurance Commissioner. 



I. CAPITAL. 

Capital stock paid up in cash $125,000 00 

Amount of net or ledger assets December 31, 1884 

II. INCOME DURING THE YEAR. 

Cash received for premiums without deduction for 

commissions or other expenses $1,386,254 14 

Cash received for annuities 6,229 °4 

Premiums on new business, $151,507.84; on old, , 

$1,240,975.34. 

Total premium income $1,392,483 18 

13 



5,883,847"8o 



194 WASHINGTON LIFE INSURANCE COMPANY. 

Interest on mortgage loans 345,156 65 

Interest on bonds owned, and dividends on stock. . 22,750 00 

Interest on other debts due the Company 16,389 77 

Discount on claims paid in advance 2,746 59 

Rents 16,931 37 

Cash received for profits on bonds, stocks, or other 

property actually sold. . 50,000 00 

Total income $1,846,457 56. 

Total $8,730,305 36 

III. DISBURSEMENTS DURING THE YEAR. 

Cash p'd for death losses and additions, $431,388 98 
Cash paid for matured and discounted 

endowments and additions 151,788 30 

Total amount actually paid for losses and 

matured endowments $583,177 28 

Cash paid for annuities 4,088 03 

Cash paid for surrendered policies and additions. . . 259,886 85 

Cash paid for return premiums 214 77 

Cash dividends paid to policy-holders and applied in 

payment of premiums 146,075 00 

Total paid policy-holders $993,441 93 

Dividends to stockholders 8,695 75 

Commissions to agents 87.599 55 

Salaries and traveling expenses of managers of 

agencies, and general, special and local agents . . 36,954 16 

Medical examiners' fees 12,672 25 

Salaries and other compensation of officers and other 

office employes 52,556 53 

Taxes, licenses, fines, and fees x 4,73i 89 

Rent 8,250 00 

Commuting commissions 48,138 25 

Advertising 18,348 84 

Exchange and postage, $5,115.99; printing and 
stationery, $8,2 12.42; profit and loss, $25,000.00; 
interest, $572.30; sundry office and agency ex- 
penses, $15,469.86 54,37° 57 

Total disbursements 1 ,335,759 72 

Balance #7,394,545 64 

IV. ASSETS. 

AS PER LEDGER ACCOUNTS. 

Real estate unencumbered ^is per Schedule A $571,621 13 

Loans on bond and mortgage (first liens) 5,063,508*67 

Loans made in cash to policy-holders, on this Com- 
pany's policies assigned as collateral 134,674 94 



WASHINGTON LIFE INSURANCE COMPANY. 195 

Cost value of bonds and stocks owned absolutely, as 

per Schedule E 659,703 42 

Cash in Company's office . 5.634 *8 

Cash deposited in banks 926,770 61 

Agents' ledger balances 32,632 69 

Total net or ledger assets #7.394.545 64 



OTHER ASSETS. 

Interest due and accrued on bond and mortgage loans 48,687 07 

Interest accrued on bonds and stock 4.203 46 

Interest accrued on collateral loans 3.955 75 

Market value of bonds and stocks over cost, as per Schedule E. . . . 152,046 58 

Gross premiums due and unreported on policies in 

force December 31, 1885 $80,662 81 

Gross deferred premiums on policies in force Decem- 
ber 31, 1885 I7 .548 5° 

Total $251,211 31 

Deduct the loading on above gross amount, 50,242 26 

Net amount of uncollected and deferred premiums . . . $200,969 05 
Total assets $7,804,407 55 



ITEM NOT ADMITTED. 
Agents' balances. 32,632 69 



Total assets (less item not admitted) $7,771,774 86 



V. LIABILITIES. 

Net present value of all the outstanding policies in force December 
31, 1885, computed according to the Actuaries' or Combined Ex- 
perience Table of Mortality, with four per cent, interest $7,222,310 00 

Claims for death losses due and unpaid $5,000 00 

Claims for matured endowments due and unpaid. . . 215 54 

Claims for death losses and matured endowments in 

process of adjustment, or adjusted and not due. . 36,259 00 

Claims for death losses and other policy claims 

resisted by the Company 14,41 1 99 

Total policy claims 55,886 53 

Unpaid dividends to stockholders 369 25 

Due on account of salaries, rents, and office expenses 2,041 68 

Premiums paid in advance 3>409 12 

Liabilities on policy-holders' account $7,284,016 58 

Gross surplus, including capital, on policy-holders' account. . 487,758 28 

Total liabilities $7,771,774 86 



196 



WASHINGTON LIFE INSURANCE COMPANY. 



VI. PREMIUM NOTES. 
None. 



VII. EXHIBIT OF POLICIES. 

Policies and Additions in force at the end of the previous year. 

Number. Amount. 

Whole life policies „ 8,815 $19,633,474 

Endowment policies 6,210 12,725,455 

All other policies 18 

Reversionary additions .... 975*743 

New Policies issued during the year. 

Number. Amount. 

Whole life policies 811 1,769,534 

Endowment policies „ . 1,391 2,831,396 

All other policies , 5 

Old Policies revived during the year. 

Number. Amount. 

Whole life policies r 103 234,878 

Endowment policies 98 209,800 

Reversionary additions .... 16,296 

Additions by Dividends. 

Number. Amount. 

Reversionary additions .... 256,761 

Total number and amount 17,45! $38,653,337 

Deduct policies ceased to be in force. 2,066 4,697,013 

Total policies in force at end of the year ..... 15,385 $33,956,324 

Policies ceased to be in force during the year. 

\ 

Number. Amount. 

By death 177 $397,762 

By maturity (end) 66 119,885 

By surrender 473 1,295,714 

By lapse 985 1,951,548 

By not taken 350 907,820 

By discount : 15 24,284 

Total terminated 2,066 $4,697,013 



WASHINGTON LIFE INSURANCE COMPANY. 



197 



VIII. BUSINESS IN CONNECTICUT DURING li 



Number and amount of policies in force in Connecticut 
December 31, 1884 

Number and amount of policies issued during the year . . . 

Totals 

Deduct number and amount ceased to be in force. 

Total number and amount in force Dec. 31, 1885, 

Number and amount of losses unpaid of previous year. . . . 

Number and amount of losses and claims on policies in- 
curred during the year 

Number and amount of losses and claims on policies paid 
during the year 

Premiums collected, cash 



Number. 


Amount. 


74 


#134-235 


10 


16,500 


84 


#150,735 


9 


19,000 



75 



#i3i,735 



None. 



U122 57 



Schedule A — Real Estate owned by the Company. 

In New York $337,886 32 

New Jersey 232,227 81 

Iowa 1,507 00 

Total $571,621 13 



Schedule E — Stocks and Bonds owned by the Company. 

Cost Value. Par Value. Market Value. 

United States Bonds — 

United States 4 p. c. reg $145,000 00 $125,000 00 $153,750 00 

Municipal Bonds — 

New York City 7 p. c, 1903, reg., 100,000 00 100,000 00 137,000 00 

" " " 7 p. c, 1896, reg., 308,604 79 300,000 00 396,000 00 

B'klyn Water loan 6 p. c, 1907, r., 106,098 63 100,000 00 125,000 00 

Totals $659,703 42 $625,000 00 $811,750 00 



LIFE AND ACCIDENT 



(ASSESSMENT) 



INSURANCE COMPANIES 



OF OTHER STATES. 



ABSTRACTS COMPILED FROM THEIR ANNUAL STATE- 
MENTS, SHOWING THEIR CONDITION ON THE 
31ST DAY OF DECEMBER, 1885. 



BAY STATE BENEFICIARY ASSOCIATION. 201 



BAY STATE BENEFICIARY ASSOCIATION, 

WESTFIELD, MASS. 

Commenced Business, June 2, 1881. 

John R. Reed, President. Samuel C. Gaylord, Secretary. 

Attorney in Connecticut, Insurance Commissioner. 



I. BALANCE SHEET. 
Amount of net or ledger assets December 31, 1884 $16,723 94 

II. INCOME DURING THE YEAR. 

Membership fees • $1 1,680 00 

Annual dues 20,762 10 

Assessments , 123,457 31 

Returning certificates 1 7 00 

Medical examiners' fees i,7^° °° 

Total paid by members , $157,696 41 

Profit on sale of U. S. bonds , 255 00 

Total income ' I 57»95 I 4 1 

Total $174,675 35 

III. DISBURSEMENTS DURING THE YEAR. 

Paid for losses and claims $103,100 00 

Commissions and fees retained by or paid to agents, 14)15! 79 

Salaries and traveling expenses of managers of 

agencies, and general, special, and local agents. . 9,040 52 

Medical examiners' fees . . , 2,064 65 

Salaries and other compensation of officers and other 

office employes 4,687 89 

Rent 200 00 

Return commissions 79 84 

Advertising, $227.14; blanks and printing, $1,140.58; 
postage, $1,569.31 ; law expenses, $784.14; sun- 
dries, $293.24 4,014 41 

Total disbursements I 37>339 IO 

Balance $37>33 6 2 5 



202 BAY STATE BENEFICIARY ASSOCIATION. 

IV. ASSETS. 

AS PER LEDGER ACCOUNTS. 

Cost value of bonds and stocks owned absolutely, 

as per Schedule D $25,940 00 

Cash deposited in banks on reserve fund account. . 2 >9 I 7 00 

All other cash deposits 8,479 2 5 

Total net or ledger assets $37 ,336 25. 

OTHER ASSETS. 

Mortuary assessments not yet due $23,000 00 

Total due from members 23,000 oa 

Total assets $60,336 25 

V. LIABILITIES. 

Claims for death losses due and unpaid None. 

Claims for death losses in process of adjustment, or 

adjusted and not due $29,000 00 

Total liabilities $29,000 00 

VI. EXHIBIT OF CERTIFICATES OR POLICIES. 

Number. Amount. 

Policies or certificates in force December 31, 1884 5>i72 $15,930,000 

Policies or certificates written during the year i>78o 5,389,000 

Total 6,952 $21,319,000 

Deduct number and amount which have ceased to be 

in force during the year 459 1,377,000 

Total policies or certificates in force Dec. 31, 1885, 6,493 $19,942,000 

Number. Amount. 

Losses and claims on policies or certificates unpaid Decem- 
ber 31, 1884 10 $28,000 

Losses and claims on policies or certificates incurred during 

the year 34 94,100 

Total 44 $122,100 

Losses and claims on policies or certificates paid during the 
year 35 103,100 

VII. BUSINESS IN CONNECTICUT DURING 1885. 

Admitted 1886. 

Schedule D — Bonds owned by the Company. 

Cost Value. Par Value. 

Hampden County 3 p. c $25,940 00 $27,000 oo- 



MUTUAL RESERVE FUND LIFE ASSOCIATION. 203 



MUTUAL RESERVE FUND LIFE ASSOCIATION, 

NEW YORK CITY. 

Commenced Business, February 9, 1881. 

Edward B. Harper, President. Frederick T. Braman, Secretary. 

Attorney in Connecticut, Insurance Commissioner. 



I. BALANCE SHEET. 
Amount of net or ledger assets December 31, 1884 $314,583144 



• II. INCOME DURING THE YEAR. 

Membership fees received at home office, $2,814.12 ; 

retained by agents, $120,000.00 $122,814 12 

Annual dues 216,993 25 

Assessments 1,204,571 91 

Medical examiners' fees 27,296 00 

Total paid by members ^1,571,675 28 

Interest 6,956 57 

Cash received from all other sources, viz. : Advance 
dues, $4.65 ; special deposit, advance payments, 

etc., $2,242.89 2,247 54 

Total income 1 ,580,879 39 

Total $1,895,462 83 



III. DISBURSEMENTS DURING THE YEAR. 

Paid for losses and claims $838,675 00 

Annual payments and assessments returned to 

members 204 20 

Total paid members $838,879 20 

Commissions and fees retained by or paid to agents, 1 54,642 42 
Salaries and traveling expenses of managers of 

agencies, and general, special and local agents. . . 3,232 73 

Medical examiners' fees 29,808 70 



204 MUTUAL RESERVE FUND LIFE ASSOCIATION. 

Salaries and other compensation of officers and 

other office employes 67,383 36 

Rent , 14,467 88 • 

Taxes, licenses, fines, and fees 2,037 r 7 

Advertising, $23,106.33; blanks and printing, $9,- 
410.03; postage, $4,327.69; furniture and fix- 
tures, $3,626.23; law, general office and actuarial 
expenses, $30,018.32 ; cost of levying and collect- 
ing, $1,204,571.91 of assessments for the year 
1885, $47,931.01; loss adjustment expenses, 

$26,712.35 I45.I3I 96 

Total disbursements 1,255,583 42 

Balance $639,879 41 

IV. ASSETS. 

AS PER LEDGER ACCOUNTS.- 

Cost value of bonds and stocks owned absolutely, as 

per Schedule D $254,1 15 62 

Cash in office 9,250 52 

Cash deposited in banks 322,068 85 

Agents' ledger balances 54,444 42 

Total net or ledger assets $639,879 41 

OTHER ASSETS. 

Interest due and accrued on United States bonds 2,500 00 

Interest due on bank deposit 2,687 69 

Mortuary assessments not yet due, net 370,807 88 

Annual payments of dues in process of collection. . $63,644 66 

Deduct estimated cost of collection 6,364 46 

Net amount due from members 57,280 20 

All other assets, viz. : Furniture and fixtures 5,ooo 00 

Total assets $1,078,155 18 

ITEMS NOT ADMITTED. 

Furniture and fixtures K $5,ooo 00 

Agents' balances 54,444 42 

Total 59*444 4 2 

Total assets (less items not admitted) $1,018,710 76 

V. LIABILITIES. 

Death losses adjusted but not due $129,250 00 

Death losses in process of adjustment 137,500 00 

Death losses resisted by the Company 124,000 00 

Total liabilities $390,750 00 



MUTUAL RESERVE FUND LIFE ASSOCIATION. 

VI. EXHIBIT OF CERTIFICATES OR POLICIES. 

Number. 

Policies or certificates in force December 31, 1884 20,779 

Policies or certificates written during the year 13,748 

Totals 34 5 5 2 7 t 

Deduct number and amount which have ceased to be 

in force during the year 3> 2 39 

Total policies or certificates in force Dec. 31, 1885, 31,288 $ 

Number. 

Losses and claims on policies or certificates unpaid Decem- 
ber 31, 1884 .... 

Losses and claims on policies or certificates incurred during 

the year 1885 216 

Totals 

Losses and claims on policies or certificates paid during the 

year 1885 , 

VII. BUSINESS IN CONNECTICUT DURING 1885, 

Number. 

Policies or certificates written during the year 333 

Deduct number and amount which have ceased to be in 

force during the year 36 

Total policies in force in Connecticut Dec. 31, 1885, 297 

Losses and claims on policies or certificates paid during 

the year 4 

Schedule D — Bonds owned by the Company. 

Cost Value. 
United States registered 3 p. c $254,115 62 $ 



205 

Amount. 
$85,452,000 
51,001,500 

i3°,453>5°° 

13,100,000 

123,353,5°° 

Amount. 

307,600 

848,250 
$1,155,850 

$838,675 



Amount. 
$1,070,500 

95,000 

$975,5°° 



;,ooo 



Par Value. 
250,000 OO 



206 MUTUAL TRUST FUND LIFE ASSOCIATION. 

MUTUAL TRUST FUND LIFE ASSOCIATION, 

NEW YORK CITY. 

Commenced Business, February, 1882. 

W. J. Walker, President. C. H. Roberts, Secretary. 

Attorney in Connecticut, Insurance Commissioner. 



I. BALANCE SHEET. 
Amount of net or ledger assets December 31, 1884 $*7>79 I 37 

II. INCOME DURING THE YEAR. 

Membership fees received at home office, $566.02 ; 

retained by agents, $9,823.98 $10,390 00 

Annual dues 20,561 40 

Assessments 84,361 00 

Medical examiners' fees 2 > I 95 °° 

Total paid by members $117,507 40 

Cash received from all other sources 160 84 

Total income 1 17,668 24 



Total $I35>459 61 

III. DISBURSEMENTS DURING THE YEAR. 

Paid for losses and claims $53>5 2 5 °° 

Annual payments and assessments returned to 

members 633 34 

Total paid members $54,158 34 

Commissions and fees retained by or paid to agents, 16,813 09 

Salaries and traveling expenses of managers of 

agencies, and general, special, and local agents.. 551 60 

Medical examiners' fees 3,178 70 

Salaries and other compensation of officers and other 

office employes 4,216 34 

Rent 900 00 

Taxes 613 90 

Advertising, $1,016.55; blanks and printing, $2,- 
022.14; furniture and fixtures, $182.26; agency 
and incidental expenses, $3,863.29; cost of levy- 
ing and making assessments for the year 1885, 

$9,876.17 16,960 41 

Total disbursements 97*392 38 

Balance $38,067 23 



MUTUAL TRUST FUND LIFE ASSOCIATION. 207 

IV. ASSETS. 

AS PER LEDGER ACCOUNTS. 

Cash in office $219 73 

Cash deposited in banks on reserve fund account. . . . 34,612 67 

All other cash deposits 2,208 27 

Ledger assets 1,026 56 

Total net or ledger assets $38,067 23 

OTHER ASSETS. 

Due from members for claims not yet assessed $50,389 78 

Mortuary assessments due and unpaid on member- 
ships in force 4,294 12 

Mortuary assessments not yet due 22,598 69 

Total due from members $77,282 59 

Deduct estimated cost of collection 6,182 59 

Net amount due from members 71,100 00 

Total assets $109,167 23 

ITEM NOT ADMITTED. 

Ledger assets 1,026 56 

Total assets (less item not admitted) $108,140 67 

V. LIABILITIES. 

Death losses in process of adjustment, or adjusted 

and not due $43,100 00 

Death losses resisted by the Company 28,000 00 

Total liabilities $71,100 00 

VI. EXHIBIT OF CERTIFICATES OR POLICIES. 

Number. Amount. 

Policies or certificates in force December 31, 1884 2,093 $6,477,900 

Policies or certificates written during the year - 2,180 5,189,575 

Total 4,273 $1 1,667,475 

Deduct number and amount which have ceased to be 

in force during the year 1,120 2,546,825 

Total policies or certificates in force Dec. 31, 1885, 3, 153 $9,120,650 

Number. Amount. 

Losses and claims on policies or certificates unpaid Decem- 
ber 31, 1884 6 18,500 

Losses and claims on policies or certificates incurred during 

the year 41 106,125 

Total 47 124,625 

Losses and claims on policies or certificates paid during the 

year 27 53»5 2 5 



208 



NORTH WESTERN MASONIC AID ASSOCIATION. 



VII. BUSINESS IN CONNECTICUT DURING 1885. 



Policies or certificates in force December 31, 1884 

Policies or certificates written during the year 

Total 

Deduct number and amount which have ceased to be 
in force during the year 

Total policies in force in Connecticut Dec. 31, 1885, 

Losses and claims on policies or certificates unpaid Decem- 
ber 31, 1884 

Losses and claims on policies or certificates incurred during 
the year 1 

Losses and claims on policies or certificates paid during the | 
year J 



Number. 
8 

65 



73 



Amount. 



51 



None. 



5,000 
j.,ooo 



$1 12,000 
44,000 



NORTH WESTERN MASONIC AID ASSOCIATION, 

CHICAGO, ILL. 

Commenced Business, July, 1874. 

Daniel J. Avery, President. James A. Stoddard, Secretary. 

Attorney in Connecticut, Insurance Commissioner. 



I. BALANCE SHEET. 
Amount of net or ledger assets December 31, 1884 

II. INCOME DURING THE YEAR. 

Membership fees $61,794 00 

Assessments ,. 725,651 n 

Cash received from members as advances to pay 

future assessments 9>5 2 3 !2 

Total paid by members $796,968 23 

From all other sources 2,205 7^ 

Total income 

Total 



,861 05 



799,174 01 



,035 06 



NORTH WESTERN MASONIC AID ASSOCIATION. 209 

III. DISBURSEMENTS DURING THE YEAR. 

Paid for losses and claims $631,766 67 

Commissions and fees retained by or paid to agents, 5°>9^8 30 
Salaries and traveling expenses of managers of 

agencies, and general, special and local agents . . 3> J 47 r 3 

Medical examiners' fees 2,500 00 

Salaries and other compensation of officers and 

other office employes 43,109 78 

Rent , 2,467 71 

Cash returned for rejected applications 7j446 00 

Advertising, $61.20; blanks and printing, $7,657.28, 7,718 48 
All other items, viz: Postage, $8,911.13; collection 

of assessments, $2,456.26; furniture and fixtures, 

$2,05272; traveling and incidental expenses, 

$4,463.54; sundries, $2,089.81 ; total I 9>973 46 

Total disbursements $769,1 14 53 

Balance ? , $126,920 53 

IV. ASSETS. 

AS PER LEDGER ACCOUNTS. 

Cash in office $149 93 

Cash deposited in banks on reserve fund account. . 126,770 60 

Total net or ledger assets $126,920 53 

OTHER ASSETS. 

Due from members for claims not yet assessed $124,000 00 

Mortuary assessments not yet due 31,000 60 

Total due from members $155,000 60 

Deduct estimated cost of collection 3, 100 06 

Net amount due from members 151,900 54 

All other assets, viz : Furniture, fixtures, safes and supplies 3>6i3 36 

Total assets $282,434 43 

ITEM NOT ADMITTED. 
Furniture, fixtures, safes and supplies 3*613 36 



Total assets (less item not admitted) $278,821 07 

V. LIABILITIES. 

Death losses due and unpaid $19,500 00 

Death losses reported for which assessments have not been made. . . 124,000 00 

Amount of all other liabilities, viz : Advanced by members to pay 
future assessments, $43,397.14; due agents, $763.63; suspense 
account balance, $2,025.55 ; total 46,186 32 

Total liabilities , $189,686 32 

14 



210 NORTH WESTERN MASONIC AID ASSOCIATION. 

VI. EXHIBIT OF CERTIFICATES OR POLICIES. 

Number. Amount. 

Policies or certificates in force December 31, 1884 2 S>ST 2 $78,078,000 00 

Policies or certificates written during the year IM63 30,957,500 00 

Totals 36,735 $109,035,500 00 

Deduct number and amount which have ceased to 

be in force during the year 4,406 13,561,000 00 

Total policies or certificates in force Dec. 31, 1885, 32,329 $95,474,500 00 

Number. Amount. 

Losses and claims on policies or certificates unpaid De- 
cember 31, 1884 23 65,266 67 

Losses and claims on policies or certificates incurred during 
the year 228 710,000 00 

Totals 251 $775,26667 

Losses and claims on policies or certificates paid during 
the year , 201 631,766 67 

VII. BUSINESS IN CONNECTICUT DURING 1885. 

Number. Amount. 

Total policies in force in Connecticut December 31, 1885, 100 $262,000 00 



UNITED STATES MUTUAL ACCIDENT ASSOCIATION 211 



UNITED STATES MUTUAL ACCIDENT ASSOCIATION, 

NEW YORK CITY. 

Commenced Business, November 3, 1877. 

Charles B. Peet, President. James R. Pitcher, Secretary. 

Attorney in Connecticut, INSURANCE COMMISSIONER. 



I. BALANCE SHEET. 
Amount of net or ledger assets December 31, 1884 $21,066 65 

II. INCOME DURING THE YEAR. 

Membership fees $52,807 17 

Annual dues 26,103 °° 

Assessments 293,370 00 

Total paid by members $372,280 17 

From all other sources, viz. : Members' deposit against 

future assessment 20,798 08 

Total income 393>°78 25 

Total $414,144 90 

III. DISBURSEMENTS DURING THE YEAR. 

Paid for losses and claims $158,129 67 

Fees retained by agents as commissions 24,546 33 

Medical examiners' fees 5>I09 95 

Salaries and other compensation of officers and other 

office employes 83,201 85 

Rent : 6,988 91 

Taxes 1,535 3* 

Advertising, $44,277.32; blanks and printing, $12,- 

503-4I 56,780 73 

All other items, viz. : Postage and exchange, 

$15,104.07; furniture and fixtures, $2,925.42; 

law expenses, $5,387.87 ; book and stationery, 

$5,113.08; traveling and sundry expenses, $10,- 

205.50; total 38,735 94 

Total disbursements 375»028 69 

Balance $39,116 21 



212 UNITED STATES MUTUAL ACCIDENT ASSOCIATION. 

IV. ASSETS. 

AS PER LEDGER ACCOUNTS. 

Cash in office . $7,675 74 

Cash deposited in banks on reserve fund account . . 9*148 08 

All other cash deposits 22,292 39 

Total net or ledger assets $39,1 16 21 



OTHER ASSETS. 

Interest due and accrued on deposits 47° 9° 

Mortuary assessments not yet due $37>634 00 

Annual payments or premiums due and unpaid on 

memberships in force 2,645 °° 

Total due from members 40,279 00 

All other assets, viz.: Furniture, fixtures, and safes, $10,421.23; 

supplies, printed matter, and stationery, $4,000.00; total I4>4 21 2 3 

Total assets $94,287 34 



ITEMS NOT ADMITTED. 

Furniture, fixtures, and safes $10,421 23 

Supplies, printed matter, and stationery 4,000 00 

Total 14,421 23 

Total assets (less items not admitted) $79,866 1 1 



V. LIABILITIES. 

Death losses in process of adjustment, or adjusted and not due .... $51,191 03 

Amount of all other liabilities, viz. : Advanced by members to pay 
future assessments, $20,798.08; sundry bills not due or presented, 
$7,500.00 ; total 28,298 08 

Total liabilities $70,480 1 1 



VI. EXHIBIT OF CERTIFICATES OR POLICIES. 

Number. Amount. 

Policies or certificates in force December 31, 1884 20,372 $98,505,000 

Policies or certificates written during the year 16,200 75,364,500 

Totals 36,572 $173,869,500 

Deduct number and amount which have ceased to be in 

force during the year 9,260 41,276,000 

Total policies or certificates in force Dec. 31, 1885, 27,312 $132,593,500 



UNITED STATES MUTUAL ACCIDENT ASSOCIATION. 213 

Number. Amount. 

Losses and claims on policies or certificates incurred 

during the year .... #175,1 29 67 

Losses and claims on policies or certificates paid during the 

year .... 158,129 67 

BUSINESS IN CONNECTICUT DURING 1885. 

Number. Amount. 

Policies or certificates written during the year 315 $ 1,464,000 

Deduct number and amount which have ceased to be in 

force during the year 123 532,000 

Total policies in force in Connecticut Dec. 31, 1885, 192 #932,000 

Number. Amount. 

Losses and claims on policies or certificates incurred 

during the year 33 #6,86855 

Losses and claims on policies or certificates paid during 

the year 28 6,337 I2 



STATISTICAL TABLES 



RELATING TO 



Companies Operating upon the Uniform - Premium Plan, 



216 



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230 



POLICIES IN FORCE. 



CO invO ON in invO "1 
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w vo CM o covO tj- N ro co N On *d"VO n O wOnOnN 
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CO cn" O <£ oP O^ N ci vo o" vo" OnOo" fOin* N 
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w CO w w in Ti-VO ^t Onm uiO w 00 in inOO inOO "") 
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vo" N w~ N in w* •*£ nvo" OnOO" inO*N "100 "t On" fi 
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CO m O 00 OnVO i-uiN On On On N NvO CO covo N in 

t^-^-como Ovd o nonOnvooo »iooo cot^mm 
moo noo m r>. owo onoo mo cm ono ~ ooooooo 
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: 65: ^1- i- cooo m i-i 



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AMOUNT AND VALUE OF POLICIES. 



231 





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233 



Table 17.— SUMMARY COMPARISON. 
Of Assets, Liabilities, Premium Reserve, and Net Surplus from 1868 to 1886. 



LIFE COMPANIES OF CONNECTICUT. 





No. 




Liabilities 


Surplus 


Premium 
Reserve. 


Ratio of Ra 


tio of 


Year. 


of 


Gross Assets. 


without regard 


without regard 


Assets to Ass 


ets to 




Cos. 




to Capital. 


to Capital. 


Liabilities. Pr 


Res. 


1868 


9 


#45. 57,482 


$34,332,242 


$10,735,240 


#33,095,981 


I.3923 I 


45 2 3 


1869 


9 


57,472,951 


43,078,693 


14,394,258 


41,880,821 


1.3248 I 


3734 


1870 


9 


65,701,233 


51,836,007 


13,865,226 


49,942,670 


I. 26l2 I 


3137 


1871 


10 


71,664,483 


61.582,030 


10,082,453 


59,071,534 


I.I58I I 


2095 


1872 


10 


78,871,840 


70,367,409 


8,504,43! 


67,938,094 


I. I208 I 


1511 


1873 


10 


86,265,885 


78,930,481 


7,335,404 


76,191,451 


I. O92I I 


1322 


1874 


10 


93,225,533 


84,567,161 


8,658,372 


82,314,903 


I . I022 I 


1325 


I87S 


10 


98,964,945 


90,342,159 


8,622,786 


88,036,176 


I.O954 I 


1 241 


1876 


9 


103,442,268 


94,607,428 


8,834,840 


91,923,607 


I.O934 I 


1253 


1877 


8 


92,525,077 


83,407,232 


9,"7,845 


80,682,885 


I. IO93 I 


1468 


1878 


8 


102,264,116 


93>359,508 


8,904,608 


89,748,506 


I.O954 I 


r 394 


1879 


8 


102,965,558 


93,590,353 


9,375,206 


90,538,501 


I.IOOI I 


1372 


1880 


8 


104,132,874 


94,097,058 


10,035,816 


91,316,664 


I . 1066 I 


1403 


l88l 


8 


105,457,728 


94,657,538 


10,800,190 


91,771,407 


1.1141 I 


1492 


1882 


8 


107,712,170 


96,286,495 


11,425,675 


93, 2 32,582 


1.1186 I 


1553 


1883 


8 


106,871,629 


96,147,577 


10,724,052 


93,917,532 


1.-1115 I 


1379 


1884 


8 


108,115,725 


97,153,763 


10,961,962 


95,163,065 


1. 1 128 I 


1361 


188S 


8 


109,944,181 


98,152,414 


11,791,767 


96,343. J 79 


1. 1 201 I 


1412 



LIFE COMPANIES OF OTHER STATES. 



1868 


28 


1869 


28 


1870 


28 


1871 


28 


1872 


23 


1873 


19 


1874 


16 


1875 


16 


1876 


17 


1877 


16 


1878 


15 


1879 


16 


1880 


17 


1881 


17 


1882 


18 


1883 


19 


1884 


19 


1885 


20 



98,910,711 

124,518,931 
145,847,834 
166,813,723 

172,766,987 

191,655,354 

205,123,316 
220,849,486 

255,249,017 

257.733.704 
263,631,471 

270,169,617 
288,606,553 
300,927,806 

319,982,934 
341,479,762 
357,578,725 
384,885,471 



87,934,164 

112,388,476 

134,667,429 
153,266,594 

162,149,078 

179,047,725 

189,014,^84 
203,176,241 

232,639,033 
234,144,972 
237,462,164 

241,937,162 

255,392,028 

267,336,205 

284,369,397 
303,632,833 
319,473,099 
338,660,909 



10,976,547 
12,130,445 

11,180,505 

13,547,129 

10,617,909 
12,607,629 
16,108,432 

17,673,245 

22,609,984 

23,588,731 

26,169,307 

28,232,455 
33,214,525 
33,591,601 

35,613,537 
37,846,929 
38,105,625 

46,224,562 



82,081,841 


1. 1248 




105,138,346 


1. 1079 




127,389,224 


1.0838 




147,381,958 


1.0883 




156,601,642 


1.0654 




173,255,032 


1.0705 




185,354,082 


1.0852 




199,292,512 


1.0845 




227,983,987 


1 .0972 




229,742,596 


1 . 1008 




232,105,723 


1. 1 102 




237,414,260 


1. 1167 




250,839,853 


1.1301 




262,996,322 


1. 1256 




280,305,442 


1. 1252 




299,339,150 


1 . 1 246 




3^, °3 2,43° 


1. 1192 




334,529,003 


1 ■ 1365 





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. 1062 
.1066 

.1056 

. 1170 
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.1368 

• 1379 

.1506 

.1442 

• 1415 

. 1408 

• I35 1 

• 1505 



STATISTICAL TABLES 



RELATING TO 



Companies Operating upon the Assessment Plan. 



236 



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DIRECTORY OF COMPANIES. 



241 




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DIRECTORY OF AGENTS. 



DIRECTORY OF AGENTS. 



245 



Berkshire, Pittsfield, Mass. 



Name. 
Dyer, William H., 
Hander, George, 
Millay, George A., 



Residence. 
Boston, Mass 
North Adams, Mass 
Taunton, Mass 



Name. 
Stone, John B., 
Tolman, William, 
Whipple, Fred. C., 



Residence. 
Pittsfield, Mass 
Pittsfield, Mass 
Waterbury, Conn 



Equitable Life Assurance Society of the United States, New York City. 

Hartford 



Forbes, John W., 
Tyler, Heman A., 



Hartford i Williams, N. H., 
Hartford 



Griesinger. William, 
Morton, Albert, 
Patzer, Albert, 



Germania, New York City. 



Bridgeport 

New Britain 

Meriden 



Schwab, Joseph 
Spier, Moritz, 



Hartford 
New Haven 



Home, Brooklyn, N. Y. 
Pond, Philip, New Haven. 



Jones, Addison C, 
Madigan, James E., 



Homccopathic, New York City. 

New Haven I Smith, James H., 
Hartford 



Bridgeport 



John Hancock, Boston, Mass. 



Beach, James W., 
Blackburn, Henry L. 
Brown, E. L., 
Brumbaum, Frank, 
Crosby, Geo. E., 
Damon, Truman G., 
Dietmer, Albert L., 
Ford, Joseph R., 
Gilbert, James M., 
Green, Wilson P., 
Heid, Peter A., Jr., 
Jones, John B., 
King, James, 



Bridgeport 

Bridgeport 

Meriden 

Hartford 

Hartford 

Bridgeport 

New Haven 

Bridgeport 

Bridgeport 

Bridgeport 

Bridgeport 

Bridgeport 

Bridgeport 



Kummerlin, Adolph, 
Kraus, Lewis H., 
Lewis, J. Warren, 
Malona, Willis H., 
Marshall, Lewis F., 
Meyer, Henry, 
Moon, William, 
Packer, Thomas E., 
Thorn, George, 
Thomlinson, Otis, 
Twite, George, 
Warren, Geo. W., 
Wilbur, Mortimer A., 



Bridgeport 

New Haven 

Bridgeport 

Meriden 

Bridgeport 

Hartford 

New Haven 

Mystic Bridge 

Meriden 

New Haven 

New Haven 

Hartford 

Hartford 



Manhattayi, New York City. 
Hoyt, Theodore, Danbury. 



Massachusetts Mutual, Springfield, Mass. 



Allen, Geo. S., 
Bond, Albert H., 
Bronson, C H., 
Carpenter, Increase W., 



New Haven 

Hartford 

Waterbury 

Norwich 



Johnson, James L., 
King, Charles D., 
Spalding, C. C, 
Spalding, Fred. E., 



Springfield, Mass 

Danielsonville 

Springfield, Mass 

Providence, R. I 



246 



DIRECTORY OF AGENTS. 



Name. 
Adams, Chas. C, 
Alexander, Theo. C, 
Barker, Samuel, 
Barrett, James H., 
Bishop, Henry, 
Blakeman, S. B., 
Bolt, William, 
Burk, William E., 
Butler, John A., 
Butterworth, Charles W. 
Cremin, Timothy, 
Dean, Thomas A., 
Douglas, John W., 
Feirestein, Jacob, 
Fletcher, John S., 
Foley, Charles, 
Garagan, John J., 
Glazebrook, James, 
Green, John, 
Grubb, Fred. J., 
Hancock, Thomas F., 
Heath, Samuel, 
Hickok, Geo. W., 
Higgins, Mehl C, 
Hinkley, John B., 
Hopwood, David, 
Hulman, Edwin H., 
Kent, Edwin A., 



Metropolitan, New York City. 

Residence. 

Hartford 

Hartford 

Hartford 

Norwich 

Baltic 

Birmingham 

New Haven 

New London 

Birmingham 

Hartford 

New Haven 

Bridgeport 

New Haven 

New Haven 

New Britain 

Hartford 

Norwich 

New Haven 

Rockville 

Norwich 

Waterbury 

Hartford 

Waterbury 

Norwich 

Norwich 

Bridgeport 

New Haven 

Waterbury 



Leach, William H., 
Leipnik, Joseph, 
Maybaum, William, 
Mayer, Charles, 
McHardy, George G., 
McVey, Edward, 
Miller, Isaac B., 
Miller, William H., 
Monroe, Benjamin H., 
Moran, William H., 
Nesbirt, John H., 
O'Dwyer, Thomas, 
Page, Edward S., 
Paterson, Robert, 
Rhodes, Charles W., 
Routh, Frank, 
Routh, William, 
Shea, W. J., 
Smith, Alfred, 
Spence, Edwin W., 
Spencer, Thomas, 
Stapleton, John C, 
Sullivan, D. J., 
Vortigern, Stephen, 
Whittemore, Ed. J., 
Wild, Vincent, 
Wolf, F. R., 



Residence. 

Hartford 

Norwalk 

Meriden 

New Haven 

Waterbury 

Norwich 

Fairfield 

New Haven 

Hartford 

New Britain 

New Haven 

New Britain 

Meriden 

New Haven 

Bridgeport 

New Haven 

New Haven 

New London 

New Haven 

New Haven 

New Britain 

New Haven 

Bridgeport 

Hartford 

Hartford 

Bridgeport 

Waterbury 



Bartram, Ashbel E., 
Callahan, Eugene A., 
Hall, James P., 



Mutual Benefit, Newark, N. J. 



Bridgeport 

New Haven 

Hartford 



Page, Benjamin, 
Treadwell, Levi P., 



Meriden 
Danbury 



Mutual, New York. 



Allen, Henry J., 
Bartlett, John N., 
Bassett, Homer F., 
Bell, Harry, 
Bigelow, L. L , 
Camp, Alfred H., 
Churchill, Asa H., 
Fuller, James E., 
Harrington, Henry E., 
Lloyt, Theodore, 
McDermot, John Y., 



Torrington 

New Britain 

Waterbury 

Stamford 

Clintonville 

Norwalk 

Meriden 

Norwich 

Hartford 

Danbury 

New Haven 



McGrath, Franklin, 
Mead, Melville, 
Nichols, Horace, 
Nichols, John W., 
Northend, Charles A. 
Parsons, Henry S., 
Russell, Benjamin, 
Shipman, James, 
Story, James P., 
Sutton, Geo. H., 



Bridgeport 

Darien 

Bridgeport 

New Haven 

New Britain 

New Haven 

Greenwich 

Rocky Hill 

Norwich 

New Haven 



Mutual Trust Fund Life Association, New York, 



Ellsworth, Wm. H. 



Hartford I Wing, Lot, 



Hartford 



Baldwin, C. R., 
Disbrow, Wm. E., 
Edgar, Thomas, 
Gurney, A. L., 



New York Life, N. Y. 



Waterbury 

Bridgeport 

New London 

New Haven 



Hack, M., 
Hillard, E. A., 
Learned, B. P., 



New Britain 

New London 

Norwich 



DIRECTORY OF AGENTS. 

ffiHGSStJ 

msssss. ■ ... 

Northwestern Masonic Aid Association, Chicago, III. 



247 



Name. Residence. 

Barnitz, McClintock, R., Brooklyn, N. Y 

Beecher, Thaddeus B., Bridgeport 

Bowman, F. V., Birmingham 

Clapp, W. W., Norwich 

McConkey, H. S., Stamford 



Name. 
Metzger, H. E. 
Pilling, C. C, 
Squire, H. H., 
Wilcox, R. M., 



Residence. 

New York City 

Danielsonville 

East Haddam 

South Norwalk 



Benedict, S. N., 
Bliss, Charles G., 
Lyon, Louis H., 
Makley, John F., 



N^orthivestern Mutual, Mihvaukee, Wis. 



Hartford 

New Haven 

Bridgeport 

New York City 



Moody, Charles A., 
Moody, Lucius W., 
Sharon, William F., 



Bridgeport 
Bridgeport 
Bridgeport 



Penn Mtctual, Pennsylvania. 
Post, John H., New Haven. 

State Mutual, Worcester, Mass. 
Coolidge, Ellery Channing, New Haven. 



Harris, Thomas L., 



United States, Mew York City. 

Westport | Holloway, Gideon E. 



New London 



Bushnell, E. W., 



Vertnont Life, Burlington, Vt. 
Burlington, Vt I Hart, Wm. H, 



Burlington, Vt 



Jackson, Richard H. 
Johnson, C. G., 



Washington, JVew York. 

Providence, R. I I Osgood, C. H., 
Meriden [ Purdy, F. H., Jr. 



Putnam 
Sharon 



-Sfaic of (Stonnectxcuf. 



LAWS 



RELATING TO INSURANCE COMPANIES 



FROM THE REVISION OF 1875, 



AND AMENDED BY SUBSEQUENT ACTS TO (INCLUDING) li 



GENERAL PROVISIONS. *3 

[Revision of 1875.] 

General Provisions. 

COPIED FROM THE GENERAL STATUTES. 

PART IX. 

Insurance Commissioner. 

Section I Section 

1. Appointment. 3. Fees. 

2. General Duties. I 4. Annual report of General Assembly. 

Appointment. 

Section i. The Governor, with the advice and consent of the 
Senate, shall once in every three years appoint some suitable person, 
not a director, officer or agent of any insurance company, to be In- 
surance Commissioner, who shall, unless sooner removed by the Gov- 
ernor for cause, hold his office for three years, and until his successor is 
appointed and qualified. All vacancies shall be filled in the same 
manner for the unexpired term, except that any vacancy occurring 
while the Senate is not in session may be filled by the Governor till 
the next session of the General Assembly. 

General Duties. 
Sec. 2. Said commissioner shall have the powers and duties speci- 
fied in chapter II of title XVII ; shall see that all the laws respecting 
insurance companies are faithfully executed ; may employ clerical 
aid ; shall furnish to each of the insurance companies incorporated by 
this State, and to the attorneys of companies incorporated by other 
States and foreign governments, doing business in this State, printed 
forms of the statements required by law ; shall pay over all fees which 
he may receive from insurance companies, to the treasurer ; and may 
administer oaths in the discharge of his official duties. 

Fees. 
Sec. 3. Said commissioner shall demand and receive the following 
fees from insurance companies : For receiving and filing annual re- 
ports, ten dollars; for valuation of policies of life insurance com- Amended. 
panies, one cent for each thousand dollars of life insurance valued ; See l886, 
for filing any additional paper required by law, twenty-five cents ; 
and for every certificate of valuation, copy of report, or certificate of 
condition of company to be filed in other States, five dollars. 



4* general provisions. 

Report to General Assembly. 

Sec. 4. No insurance company shall be required to report to the 
General Assembly; but said commissioner shall annually submit a 
report thereto of his official acts, and of the condition of all insurance 
companies doing business in this State, with a condensed statement 
of their reports made to him, arranged in proper form for printing, 
together with a statement of the fees received by him from such com- 
panies, and paid by him to the treasurer. 

Time He shall Make His Annual Reports. 

Be it enacted, etc., That the provision of an -act entitled an act 
concerning the returns of the executive departments to the General 

Amendment 

KX^hap' Assembly, passed at the present session of the General Assembly, shall 
terL.xxvi. nQt apply to the reports of the Insurance Commissioner, required to 

be made by Section four, Part nine, Chapter one, Title three, of the 

general statutes. 



[Revision of 1875.] 
ASSESSMENT OF TAXES. 



Section 



Returns of assessors of the names of 
stockholders, and value of stock. 



Section 

22. Returns of property held in pledge. 



TITLE XII, CHAPTER I. 
Returns to Assessors. 

Sec. 21. The cashiers or secretaries of all corporations, whose 
stock is liable to taxation, shall, on or before the twelfth day of Octo- 
ber, annually, inform the assessors of each town of the names of the 
stockholders residing therein, and the amount of stock owned by 
each, as exhibited by the books of said corporations, on the first day 
of said October, so far as the residence of such stockholders shall be 
known to such cashiers or secretaries, and its market value during the 
month of September next preceding; and any such cashier or secre- 
tary who shall neglect to furnish such information to the assessors of 
any town where said stock is liable to be taxed shall forfeit fifty 
dollars to such town ; but putting a letter in the post-office containing 
such information, postage paid, addressed to the assessors of any town 
where such owner resides, shall be a compliance with the provisions 
of this section. 



general provisions. *5 

Returns of Collateral Security. 

Sec. 22. The cashier of each bank and national banking associa- 
tion, the treasurer of each savings bank and the secretary of each 
corporation incorporated by the laws of this State, shall, upon the 
request of the assessors of any town, inform them of the name of any 
person therein who owns stock or bonds held by such corporation as 
collateral security for any indebtedness or liability, and the amount 
and description of such stock or bonds; and any such cashier, treas- 
urer or secretary, who shall neglect to furnish such information to the 
assessors of any town where said stock or bonds are liable to be taxed, 
shall forfeit one hundred dollars to said town. 

Special Taxes on Corporations. 

Sec. 2. The cashier or secretary of each corporation, whose stock 
is liable to taxation, and not otherwise taxed by the provisions of this 
title, shall, on the first day of January, annually, or within ten days 
thereafter, deliver to the comptroller a sworn list of all its stock- 
holders residing without this State on the said day, and the number chapt^v. 

and market values of the shares of stock therein, then belonging to app^ovedjSSe 

27, 1876. 
each ; and shall, on or before the twentieth day of January, annually, 

pay to the State one per cent, of such value ; and if any such cashier 
or secretary shall neglect to comply with the provisions of this sec- 
tion, he shall forfeit to the State one hundred dollars, in addition to 
said one per cent, so required to be paid. 



[Acts of 1875.] 
TAXATION OF MUTUAL FIRE INSURANCE COMPANIES. 



Section 

1. Annual returns to comptroller by fire in- 

surance companies. 

2. Correction of returns by Board of Equal- 

ization. 



Section 

3. Time and condition of paying taxes. 

4. Penalty for neglect of duty. 



CHAPTER XIX. 

Annual Returns to Comptroller. 

Section 1. The secretary or treasurer of each fire insurance com- 
pany chartered by this State, which does business in whole or in part 
upon the plan of mutual insurance, including every company whose 
policy-holders have a right to participate in its profits, shall, on or 
before the twentieth day of January, annually, render to the comp- 
troller a sworn statement showing the total amount of its assets on the 



6* GENERAL PROVISIONS. 

preceding thirty-first day of December, and containing a detailed 
enumeration of such assets, and the market value thereof, the amount 
of premium notes held by it, and its ascertained and unpaid losses on 
that day, with the balance remaining after deducting from said total 
amount of unpaid losses, and the market value of any bonds owned 
by it which have been heretofore issued by this State, or by any town 
or city in this State, in aid of the construction of any railroad, and 
which, by the laws of this State, are exempt from taxation, and the 
premium notes held by it. 



Correction of Returns by Board of Equalization. 

Sec. 2. The board of equalization shall examine and correct all 
statements and returns made to the comptroller in pursuance of the 
foregoing section, and in case any such company shall not make the 
returns herein prescribed, said board shall, upon the best information 
it can obtain, make out within ten days after the time above limited 
for making such returns, the statement required to be made by such 
company, arid such statement or returns so corrected or made out 
shall be conclusive as to the market value and amount of assets of 
said company. 



Time and Condition of Paying Taxes. 

Sec. 3. Each of such mutual fire insurance companies shall annu- 
ally, on or before the thirtieth day of January, pay to the State, as a 
tax upon its corporate franchise, a sum equal to three-fourths of one 
per cent, upon the amount of the balance remaining as aforesaid; 
and said tax so paid shall be in lieu of all other taxes on the assets of 
said company, except upon real estate held by it, over and above what 
may be necessarily used by it in transacting its appropriate business. 



Penalty for Neglect of Duty. 

Sec. 4. If any person whose duty it shall be to make such returns 
shall fail to do so within the time limited, he shall forfeit five thou- 
sand dollars to the State; and if any insurance company required by 
this statute to make any payment shall fail to do so within the time 
herein limited, it shall forfeit to the State twice the amount required 
for such payment. 

Approved, June 24, 1875. 



GENERAL PROVISIONS. *7 

RIGHTS OF MARRIED WOMEN. 

Sec. 7. Any policy of life insurance expressed to be for the benefit 
of a married woman, or assigned to her, or in trust for her, shall inure 
to her separate use, or in the case of her decease before payment to the 
use of her children, or of her husband's children, as may be provided 
in such policy, provided that if the annual premium on such policy chapter 11' 
shall exceed three hundred dollars, the amount of such excess, with l8 ?s- 
interest, shall inure to the benefit of the creditors of the person pay- 
ing the premium; but if she shall die before the person insured, leav- 
ing no children of herself or husband, the policy shall become the 
property of the person who has paid the premiums, unless otherwise 
provided in such policy. 



[Revision of 1875.] 

TITLE XVII, CHAPTER I. 

Private Corporations — General Provisions. 

Sec. 21. No bank, savings bank, insurance company, or trust 
company, heretofore incorporated, shall change its location from 
one town to another, except by act of the General Assembly. 



[Revision of 1875.] 
TITLE XX, CHAPTER XII. 

Qui-Tam Suits and . Forfeitures. 

Sec. 8. Every person who shall violate any law of this State relating 
to insurance companies organized under the laws of other States or 
foreign governments shall forfeit one hundred dollars. 



ACT OF 1879. 

Be it enacted by the Senate and House of Representatives in General 
Assembly convened : 

That part VII of title 17 of the revised statutes, relating to insur- 
ance companies, be and the same is hereby repealed ; also, the acts of 
1875, "relating to the winding up of life insurance companies," and 
"relating to the capital stock of fire insurance companies," and 
"relating to the taxation of the premiums received by insurance 
companies of other states and foreign governments," and "providing 
for the disposition of the assets of a life insurance company, and pro- 



O w FIRE AND FIRE AND MARINE INSURANCE COMPANIES. 

viding penalties for the unlawful retention or possession of its assets 
upon the repeal of its charter;" also, the acts of 1876 "relating to 
amalgamations, consolidations, and reinsurances by life insurance 
companies," and "relating to loans and investments by life insurance 
companies;" also, the acts of 1877 " to amend an act relating to 
insurance companies," and "conferring additional power upon the 
Insurance Commissioner of the State," and " relating to the valuation 
of life insurance policies;" also, the act of 1878 "to prevent the 
making and publication of false and deceptive statements in relation 
to the assets of fire insurance companies," be, and the same are hereby, 
repealed ; provided, however, that, notwithstanding this repeal, said 
part VII and other acts hereby repealed shall be and remain in full 
force in relation to all past transactions to which they are applicable, 
and for the purpose' of prosecuting to final judgment all violations of 
the provisions of said part and said other acts hereby repealed, and 
that the following provisions be and become a substitute for said part 
VII of title 17 of the revised statutes, and of the other acts hereby 
repealed, to wit : 

ARTICLE I. 

Fire and Fire and Marine Insurance Companies. 



Section • 

1. Conditions of fire insurance to be stated 

in body of policy. 

2. Limit of single risk. 

3. Form of annual statement. 

4. Shall give required information to the 

Commissioner. 

5. Reduction of capital stock. 

6. Original certificates may be called in and 

new certificates issued. 

7. Increase of capital stock. 



Section 

8. Mutual companies may issue short term 

policies and may insure personal 
property. 

9. Conditions as to fire and fire and marine 

insurance companies of other States. 
10. Conditions as to mutual fire and marine 

insurance companies of other States, 
n. Commissioner may examine insurance 

companies, and have unsound home 

companies wound up. 



Conditions in Body of Policy. 
Section 1. In all policies of insurance against loss by fire, here- 
after made by companies chartered by or doing business in this State, 
no conditions shall be valid unless stated in the body of the policy. 

Limit of Single Risks. 
Sec. 2. No fire insurance company chartered by or doing business 
in this State shall expose itself to loss on any risk to an amount 
exceeding ten per cent, of its paid-up capital. 

Form of Annual Statement. 
Sec. 3. Every fire and every fire and marine insurance company 
chartered by or doing business in this State shall annually, in January, 
render to the Insurance Commissioner a report, signed and sworn 



FIRE AND FIRE AND MARINE INSURANCE COMPANIES. *9 

to by its president and secretary, of its condition on the thirty-first 
day of December next preceding, in the following form, namely : 
First, the amount of its capital stock. Second, its assets, specify- 
ing: (i) the value of its real estate; (2) the amount of its cash on 
hand and in bank, specifying where it is deposited ; (3) the amount 
of cash in the hands of agents and in course of transmission ; (4) the 
amount of loans secured by mortgages on which there shall be less 
than one year's interest due ; (5) the amount of like loans with one 
year's interest or more due thereon; (6) the amount due on judg- 
ment ; (7) the amount of its stocks and bonds, with the description 
of amount, number of shares, and the par and market value of each ; 
(8) the amount of stocks and bonds held as collateral security for 
loans, with the amount loaned on each and the par and market value 
thereof; (9) the amount of assessments on stock or premium notes, 
paid or unpaid; (10) the amount of interest accrued and unpaid; 
'(11) the amount of premium notes on hand on which policies are 
issued. Third, its liabilities, specifying: (1) the amount of losses due 
and unpaid ; (2) the amount of unpaid losses not due ; (3) the amount 
of claims for losses resisted by the company ; (4) the amount of losses 
incurred during the year, including those claimed and not yet due, 
and those reported to the company upon which no action has been 
taken; (5) the amount of dividends due and unpaid; (6) the amount 
of dividends, either cash or scrip, not yet payable; (7) the amount of 
money borrowed, and security given for the payment thereof; (8) the 
amount of premiums received on all risks not terminated; (9) the 
amount required to reinsure all fire risks in force, computed at fifty 
per cent, of the gross amount of fire premiums (less return premiums 
and reinsurance) received on risks in force not perpetual, ninety-five 
per cent, of premiums on perpetual risks in force, and one hundred 
per cent, of the amount of ocean marine premiums received on risks 
in force; (10) the amount of all other claims against it. Fourth, its 
income during the preceding year, specifying: (1) the amount of cash 
premiums received; (2) the amount of notes received for premiums; 
(3) the amount of interest money received ; (4) the amount of income 
received from other sources. Fifth, its expenditures during the pre- 
ceding year, specifying: (1) the amount of losses paid, stating how 
much of the same accrued prior, and how much subsequent, to its 
preceding statement, and the amount at which such losses were esti- 
mated in such statement; (2) the amount of dividends paid; (3) the 
amount of expenses paid, including agents' commissions; (4) the 
.amount paid in taxes ; (5) the amount of all other expenditures. 



10* eire and eire and marine insurance companies. 

Inquiries of Insurance Commissioner. 

Sec. 4. The Insurance Commissioner may inquire of any fire or 
fire and marine insurance company doing business in this State, or 
of its secretary, in relation to its financial condition and management, 
and such inquiry shall be promptly answered. 

z Reduction of Capital Stock. 

Sec. 5. When the capital stock of any fire or marine insurance 
company shall be impaired, it may reduce it and the par value of its 
shares to such amount as shall be justified by its assets ; but no part 
of its assets shall be distributed to its stockholders, and no reduction 
shall be made, except upon the vote of the stockholders, approved by 
at least two-thirds of the board of directors, and certified under the 
corporate seal, by the secretary, a copy of which shall be filed in the 
office of the secretary of this State. 

Change of Certificates of Stock. 

Sec. 6. The directors, after such reduction of capital, may require 
each stockholder to surrender his certificate, and in lieu thereof may 
issue a new certificate for such number of shares as he shall be 
entitled to. 

Increase of Capital Stock. 

Sec. 7. Such company, after its capital shall be so reduced, may- 
increase its capital stock to any amount not exceeding the amount 
authorized by its charter. 

Mutual Companies. 

Sec. 8. Every mutual fire insurance company which shall approve 
this section, may issue policies for any time not exceeding five years,. 
and may insure personal property upon such terms as shall be agreed 
upon by the parties. 

Companies of Other States — How Admitted. 

Sec. 9. No fire or fire and marine insurance company or associa- 
tion, incorporated by or organized under the laws of any other State 
of the United States shall, directly or indirectly, take risks, or transact 
any business of insurance in this State, unless possessed of at least one 
hundred and fifty thousand dollars cash capital, paid up and securely 
invested ; and every such company shall deposit with the Insurance 
Commissioner a certified copy of its charter, and a statement, under 
oath, of its president, or vice-president and secretary, stating its name 



FIRE AND FIKE AND MARINE INSURANCE COMPANIES. *11 

and location and the other particulars required by the third section 
of this article; nor shall any person act as agent for any such com- 
pany, directly or indirectly, taking risks, or transacting the business 
of fire insurance in this State, without procuring from the Insurance 
Commissioner a certificate of authority, stating that such company 
has complied with all the requisitions of this act, and giving the 
name of the attorney appointed to act for the company. Such cer- 
tificate shall be dated April first, and shall continue in force for one 
year from its date, unless revoked for cause. Certificates issued to 
agents applying for admission to the State after the first day of April, 
in any year, shall continue in force until the first day of the April 
following, unless revoked as aforesaid; such a statement as is required 
by this section shall be made annually in January, and shall specify 
the amount of premiums received, and losses paid in this State, during 
the preceding year; and said commissioner, on being satisfied that See amend- 
the capital, securities, and investments remain secure, shall furnish a men ' * 
renewal of his certificate. 

Mutual Companies of Other States. 

Sec. 10. Any mutual fire or fire and marine or mutual marine 
insurance company located in any other State of the United States> 
possessed of one hundred and fifty thousand dollars in cash or securely 
invested in available cash assets, may be admitted to take risks and 
transact business in this State ; provided, it shall comply with all the Amended. 

* r J See 1886. 

other requirements of the laws of this State relating to companies of 
other States. 

Examination of Insurance Companies. 

Sec. 11. The Insurance Commissioner, either personally or by a 
committee appointed by him, consisting of one or more persons not 
directors, officers or agents of any fire or fire and marine insurance 
company doing business in this State, may at any time examine into the 
affairs of any fire or fire and marine insurance company incorporated 
by or doing business in this State. The officers or agents of such 
company shall exhibit its books to said commissioner or committee, and 
otherwise facilitate such examination ; and the commissioner or com- 
mittee may examine under oath the officers and agents of any such 
company in relation to its affairs ; and said commissioner may publish 
the result of such investigation in one or more newspapers published in 
this State ; but in relation to the affairs' of any company incorporated 
by or organized under the laws of any other State of the United States, 
he may, in lieu of such investigation, accept the certificate of the 
Insurance Commissioner or Superintendent of such State as to its 



12* 



FOREIGN FIRE INSURANCE COMPANIES. 



condition. And whenever he shall ascertain that the assets of any 
fire or fire and marine insurance company incorporated by this State, 
after deducting for reinsurance, and its other proper liabilities, 
excepting capital, amount to less than three-fourths of its capital 
stock, if it have a stock capital, or in the case of a mutual company, 
if the assets, less unsettled claims, and other absolute liabilities, 
amount to less than three-fourths the sum requisite for reinsurance, 
he shall call upon it to make up such deficiency within such reason- 
able time as he shall fix, and on failure to comply with such require- 
ment shall bring his petition to a judge of the Superior Court, praying 
for an injunction restraining said company from the further prosecu- 
tion of the business of making or renewing insurances until said 
deficiency is made up; and if, upon a hearing before said judge, after 
such reasonable notice to such company as he may order, the allega- 
tions contained in such petition shall be found true, he shall issue 
such injunction. 



[1879.] 
ARTICLE II. 
Foreign Fire Insurance Companies. 



Section 

1. May do business in this State, on what 

conditions ; policies not invalidated by 
war. 

2. Copy of charter ; deposit ; statement of 

condition. 

3. Amount of capital ; how estimated ; trus- 

tees must be approved by the Insur- 
ance Commissioner. 

4. Trustees, how appointed and examined ; 

recall of certificates. 



Section 

5. May not insure before complying with 

law and receiving license or certificate 
of authority. 

6. May not take greater risks than home 

companies. 

7. Fees for licenses, etc. 

8. Agents' premium receipts and taxes 

thereon. 



On what Condition may Enter this State. 

Section 1. No foreign insurance company shall take risks in this 
State unless it has a cash capital of two hundred thousand dollars, and 
shall have made a deposit with the treasurer of this State, or with the 
proper officer of some other State, of not less than two hundred 
thousand dollars in the bonds of this State, or of the States of New 
York or Massachusetts, or in bonds or public stocks of the United 
States, in trust for the benefit of its policy-holders in the United States; 
and no policy issued by such cohipany to any citizen of this State shall 
be invalidated by the occurrence of hostilities between the govern- 
ment of the United States and the government under the laws of 
which it was organized. 



foreign fere insurance companies. *13 

Copy of Charter, Etc., to be Deposited. 
Sec. 2. Every foreign insurance company shall, before admission 
to do business in this State, furnish to the Insurance Commissioner a 
copy of its charter or articles of association, and of its last annual 
report made in the country where it was organized, and the certificate 
of the officer holding in trust said deposit of two hundred thousand 
dollars, stating the manner in which the same is invested and the pur- 
poses for which the same is held ; and it shall furnish annually to the 
Insurance Commissioner a statement of the condition of its affairs in 
the United States, in such form as he shall require. 

Capital Stock, How Estimated. Appointment of Trustees. 

Sec. 3. The capital of every such foreign insurance company shall, 
for all the purposes of the insurance laws of this State, be the aggregate 
value of its money or securities deposited as aforesaid, and all sums 
loaned on real estate security in any State in the United States, in 
conformity with the laws of such State providing for the investment of 
-the assets of insurance companies therein, and all other assets in the 
United States in which fire insurance companies organized under the 
laws of this State may invest, provided, such real estate securities and 
assets shall be held in the United States, by trustees who are citizens 
of the United States, approved by the Insurance Commissioner, for 
the benefit of all its policy-holders and creditors in the United States, 
after making the same deduction from such aggregate value for losses 
and liabilities in the United States, and for premiums upon risks 
therein not expired, as is authorized or required by the laws of this 
State, or the regulations of its Insurance Department, with respect to 
fire insurance companies organized under the laws of this State. 

• 

Trustees — How Appointed. 
Sec. 4. The trustees referred to in the third section of this article 
shall be appointed by the directors of such company, and a certified 
copy of the vote by which they are appointed, and of the deed of 
trust, shall be filed in the office of the Insurance Commissioner ; and 
he may examine such trustees or the agents of such company under 
. oath, and its assets, books and accounts, in the same manner as he 
may examine the officers, agents, assets, books and accounts of any 
company authorized to do fire insurance business in this State. 

License — When Issued. 
Sec. 5. No foreign insurance company or agent or attorney 
thereof shall transact the business of fire insurance in this State until 
such company shall comply with the laws of this State relative to- 
foreign fire insurance companies, and receive a license or certificate 
of authority from the Insurance Commissioner. 



14* foreign fire insurance companies. 

Limit of Insurance. 

Sec. 6. No foreign insurance company shall insure against loss by- 
fire or inland navigation, nor expose itself to any such loss by any 
one risk for any greater amount in proportion to its capital than 
companies organized under the laws of this State may do. 

Fees for Licences, Etc. 

Sec. 7. When such foreign insurance company shall have complied 
with the provisions of law relating to such companies, and the Insur- 
ance Commissioner is satisfied that it is solvent in the United States, 
he may issue to it a license to transact business in this State, upon the 
payment of thirty dollars for filing a certified copy of its charter or 
deed of settlement, and annual fees, as follows : license fee, fifty dol- 
lars ; fee for filing statement, twenty dollars ; and two dollars for 
each agent's certificate of authority. 

Premium Receipts — Tax on Same. 

Sec. 8. Each agent of any insurance company or association in- 
corporated by or organized under the laws of any foreign govern- 
ment, which shall have received from the Insurance Commissioner a 
license to transact business in this State, shall return annually, on or 
before the tenth day of January, under oath, to said commissioner, 
the gross amount of premiums collected by him for the year previous ; 
and shall annually, on or before the twentieth day of January, pay to 
the treasurer of the State a tax of two per cent, upon the amount of 
premiums so collected. 



LIFE INSURANCE COMPANIES. 



•15 



[1879.] 
ARTICLE III. 
Life Insurance Companies. 



Section 

1. Annual statement. 

2. Reinsurance reserve, how ascertained. 

3. Dividends, how made. 

4. Penalty for making dividends improperly. 

5. Triennial examinations. 

6. Examination of companies of other 

States. 

7. Facilities for examination, to be afforded. 

8. To receive certificates before issuing poli- 

cies. 

9. Returns of companies of other States ; 

certificates and licenses. 

10. Agents shall not issue policy without 

license. 

11. When companies may be wound up; 

when they must be wound up. 

12. Test of solvency ; liabilities, how deter- 

mined. 

13. How assets shall be disposed of on repeal 

of charter ; assets of the company to 
vest in the Commissioner. 

14. Commissioner shall take immediate pos- 

session. 

15. How claims shall be presented. 



*7- 



19. 



Section 
16. Net present value of policies, how ascer- 
tained. 

How assets shall be distributed. 

Penalty for refusing to deliver books and 
property to Commissioner. 

Commissioner shall give bonds. 

Life insurance companies may consolidate 
or amalgamate. 

Conditions upon which it may be done. 

Powers and duties of the commission 
constituted. 

Compensation of part of the commission. 

Penalty for violating the provisions of this 
Act relating to amalgamations. 

Loans and investments, how made. 

No personal benefits allowed to directors 
or officers. 

Mortgages and stock collaterals alone 
permitted as security for loans. 

What securities are prohibited. 

Premium notes allowed. 

Penalty for violating the provisions of 
this Act, relating to loans and invest- 
ments. 



24- 



2 5- 
26. 



27. 



29. 



Form of Annual Statement. 

Section 1. Every life insurance company chartered by this State 
shall, on or before the first day of March in each year, render to the 
Insurance Commissioner a report, signed and sworn to by its presi- 
dent and secretary, of its condition upon the preceding thirty-first 
day of December, which shall include a detailed statement of its 
assets and liabilities on that day ; the amount and character of busi- 
ness transacted, moneys received and expended during the year ; a 
descriptive list of all policies and contracts of insurance in force on 
that day ; and' such other information as the commissioner may deem 
necessary. 

Reinsurance Reserve — How Ascertained. 

Sec. 2. Upon receipt of such report, the commissioner shall make 
a valuation of the policies of each company, and ascertain the re- 
insurance reserve and surplus of every such company, computed upon 
the basis of the so-called "Actuaries' or Combined Experience Table 
of Mortality," with compound interest at four ^ex cent, per annum; 
and also upon the basis of the so-called "American Experience Table 
of Mortality," with compound interest at/our and one-half "per cent, 
per annum ; and he shall value only net premiums. 



16* LIFE INSURANCE COMPANIES. 

Dividends— How Made. Reinsurance Reserve. 

Sec. 3. Payments in the form of dividends, or otherwise, shall not 
be made to its stockholders by any life insurance company organized 
under the laws of this Stated unless its assets exceed, to the amount of 
such payment, the amount of its paid-up capital stock and all its 
liabilities, including its reinsurance reserve, computed upon the basis 
of the so-called "Actuaries' or Combined Experience Table of Mor- 
tality," with compound interest dXfour per cent, per annum ; and no 
payments shall be made to the policy-holders of any such company 
except for matured claims, and in the purchase of surrendered policies, 
unless its assets exceed, to the amount of such payments, its liabilities, 
including its reinsurance reserve, computed as above, in this section 
provided; but for all other purposes the reinsurance reserve of every 
such company shall be computed upon the basis of the so-called 
"American Experience Table of Mortality," with interest at four 
and one-half per cent, per annum. 

Penalty for Violating this Law. 

Sec. 4. Any officer or director of any such company who votes or 
assents to any payment either to stockholders or policy-holders in 
violation of any of the provisions of the preceding section, shall 
forfeit to this State the sum of five thousand dollars, to be recovered 
in any proper action brought in the name of the treasurer of this 
State. 

Triennial Examinations. 

Sec. 5. The Insurance Commissioner shall, at least once in three 
years, visit each life insurance company incorporated by this State, 
thoroughly examine its financial condition, and ascertain whether it 
has complied with all the provisions of law. 

Examination of Companies of other States. 

Sec. 6. He shall in like manner examine any life insurance com- 
pany not incorporated by this State, but doing business therein, 
whenever he has reason to doubt its solvency, and may employ such 
assistants as may be necessary in making the examination ; and all 
the expenses of an examination without the State shall be borne by 
the company examined. 

Access to Books and Papers. 

Sec. 7. For such purpose the commissioner shall have free access 
to all books and papers of any life insurance company doing business 



LIFE INSURANCE COMPANIES. *17 

in this State, and may examine, under oath, its officers and agents, 
relative to its condition : and if any company not incorporated by 
this State, or its officers or agents, refuse to submit to such examina- 
tion, or to comply with any provision of this article, the authority of 
such company to do business in this State shall be revoked. 



When New Company may Issue Policies. 

Sec. 8. No life insurance company hereafter incorporated by this 
State shall issue policies until, upon examination by the commissioner, 
it shall have been found to have complied with the laws thereof, nor 
until he shall have issued his certificate setting forth such fact, and 
authorizing such company to issue policies. 



Companies of Other States — How Admitted. 

Sec. 9. Any life insurance company organized out of this State, 
before being admitted to do business in this State, and on or before the 
first day of March annually, shall furnish to the Insurance Commis- 
sioner a certificate of the proper officers of the government by whose 
authority it was organized, setting forth a full copy of its report of its 
condition on the preceding thirty-first day of December, a valuation of 
its policies by said officers by a standard equivalent to that provided in 
the second and third sections of this article, and that it has complied 
with the laws of such government, and is authorized to transact busi- 
ness therein. If said commissioner be satisfied with said certificate, 
and if said company shall have complied with all other provisions of 
law, he shall thereupon issue his license to it to transact business in See amend . 
this State for one year from the first day of April following ; but no mentl886 - 
such license shall be issued unless such certificate is furnished, nor 
unless such government shall license life insurance companies incor- 
porated by this State to transact business therein, upon a similar cer- 
tificate from the Insurance Commissioner, until such company makes 
the report required from companies incorporated by this State, and 
until a valuation of its policies shall have been made by the com- 
missioner. 

Policies shall not be Issued Without License. 

Sec. 10. No person shall issue or deliver in this State any policy 
or contract of insurance of such life insurance company, which is 
without a license, or after the revocation of its license. 

B 



is* life insurance companies. 

When Companies may be Dissolved. 

Sec. ii. If the Insurance Commissioner shall at any time find from 
any report, examination, or otherwise, that the assets of any life insur- 
ance company incorporated by this State are less than its liabilities, or 
if such company shall fail to comply with any of the requirements of the 
law, he may notify it to cease the issue of new policies or the pay- 
ment of dividends to stockholders and policy-holders, or both, until 
the deficiency be made good or the law complied with ; and he may, 
and if it appear to him that the assets of such company are less than 
three-fourths of its liabilities, he shall, bring his petition to the 
Superior Court of the county in which the principal office of such 
company is located, if in session, and if not, to a judge of the 
Supreme Court of Errors, praying for the appointment of a receiver, 
and that the charter of such company may be annulled; and said 
court or judge shall forthwith issue a citation to such company to 
appear at a day and place to be named therein, and answer to said 
petition ; and if upon the hearing of said petition said court or judge 
shall find the assets of such company to be less than its liabilities, 
said court or judge may, and if the assets are found to be less than 
three-fourths of the liabilities shall, appoint some disinterested person 
or persons to be receiver or receivers of such company ; and said 
court or judge may provide the mode of proving claims against such 
company, and appoint a committee to hear and decide upon them, 
and may limit and extend the time for the presentation of such claims, 
and may make all necessary orders in reference to the delivery to and 
possession by such receiver of the assets and property of such com- 
pany, and the sale and conveyance of the same by him, and may 
direct the application of the avails of such assets and property 
equitably in satisfaction of the claims proved against such company, 
and the payment of the present value of its outstanding policies to 
policy-holders, either in whole or in part, or to the reinsurance of its 
outstanding policies in some solvent company; and said court or 
judge shall annul the charter and decree the dissolution of such com- 
pany, and may make all other orders and decrees necessary and proper 
in reference to winding up the affairs of such company and the dispo- 
sition of its property. 

Liabilities — How Ascertained. 

Sec. 12. The liabilities of any such company, for all the purposes 
of the proceedings mentioned in the preceding section, shall include 
the net present value of the policies of such company, or reinsurance 
reserve, ascertained as now required by law. 



life insurance companies. *19 

On Repeal of Charter, Duty of Commissioner. 

Sec. 13. Whenever the charter of any life insurance company of 
this State shall be repealed, all the assets of such company shall vest 
in fee simple and absolutely in the Insurance Commissioner of this 
State and his successors in office, who shall hold and dispose of the 
same for the use and benefit of the creditors and policy-holders of 
such company, and such other persons as may be interested in such 
assets. 

Commissioner Shall Take Possession.' 

Sec. 14. The Insurance Commissioner shall take immediate pos- 
session of the assets, books and papers, and collect the debts and 
claims due such company ; he shall sell and dispose of the real estate 
and other property of such company, and may execute in his own 
name, as Insurance Commissioner, all necessary and proper convey- 
ances of the same ; he may also in his own name, as Insurance 
Commissioner, maintain and defend all actions at law or in equity, 
relating to such company, its assets and business. 

How Claims Shall be Presented. 
Sec. 15. The Superior Court for the county in which the principal 
office of such company is located, upon the application of the Insur- 
ance Commissioner, shall limit and may extend the time for the pre- 
sentation of claims against such company, and notice thereof shall be 
given in such manner as said court shall direct; and any creditor 
neglecting to present his claim within the time so limited shall be 
debarred of all right to share in the assets of such company. Said 
court shall appoint not more than three disinterested persons as com- 
missioners to receive and decide upon the claims presented against 
such company, who shall give notice of the times and places of their 
meetings for that purpose, in such manner as said court shall prescribe ; 
and within one month after the expiration of the time so limited shall 
file with the clerk of said court a list of the claims presented to them, 
specifying those allowed and those disallowed. 

Value of Policies — How Ascertained. 
Sec. 16. The Insurance Commissioner shall ascertain the net 
present value of each policy in force in such company at the time of 
the repeal of its charter, and for that purpose shall use the "Actuaries' 
or Combined Experience Table of Mortality," with four per cent, 
compound interest ; and he shall file with the clerk of said court a 
certificate showing the net present value of each of said policies, and 
such net present value shall be the surrender value of each of said 
policies. 



20* life insurance companies. 

Distribution of Assets. 

Sec. 17. The Insurance Commissioner, under the direction of said 
court, shall apply the sums realized from the assets of such company, 
first to the payment of all the expenses of closing the business and 
disposing of the assets of such company; secondly, to the payment of 
all lawful taxes and debts due to the State and the United States ; 
thirdly, to the payment of the debts and claims allowed against such 
company and the surrender value of its policies, in proportion to their 
respective amounts ; and lastly, any sums remaining in the hands of 
the Insurance Commissioner after the payments have been made in 
full as herein provided, shall be disposed of in such manner as said 
court shall order and direct. And said court may make all orders 
and decrees necessary and proper in reference to the title, possession, 
disposition, and distribution of said assets, and the allowance and 
satisfaction of claims against such company, and in any other matter 
relating to its affairs and business. 

Penalty for refusing to deliver up Books, Papers, Etc. 

Sec. 18. Whenever by this act or by any other law of this State, 
general or special, the Insurance Commissioner is authorized or re- 
quired to take possession of the assets of any life insurance company, 
any person who shall neglect or refuse to deliver to said commis- 
sioner, on demand, any books, papers, evidence of title or debt, or 
any property belonging to any such company in his possession or 
under his control, shall be punished by a fine of not more than ten 
thousand dollars, or by imprisonment in the county jail for a term 
not exceeding three years, or by such fine and imprisonment both. 

Commissioners shall give Bonds. 

Sec. 19. Before the Insurance Commissioner shall take possession 
of any of the books, papers, or assets of any life insurance company in 
accordance with the provisions of this act, or of any other act, general 
or special, he shall give bonds for the faithful discharge^of his duties, 
in such sums and upon such conditions as may'be required by the 
chief judge of the Supreme Court of Errors, and to the satisfaction of 
said judge. 

Amalgamation of Companies. 

Sec. 20. No life insurance company, incorporated by or organized 
under the laws of this State, shall consolidate or amalgamate with any 
other company, or reinsure its risks, or any part thereof, with any 
other company, or assume or reinsure the whole or any portion of 



LIFE INSURANCE COMPANIES. *21 

the risks of any other company except as hereinafter provided ; but 
nothing herein contained shall prevent any life insurance company 
from reinsuring a fractional part, not exceeding one-half, of any 
single risk. 

Mode of Amalgamation — Appointment of Commission. 

Sec. 21. Whenever any life insurance company shall propose to 
amalgamate or consolidate with any other company, or enter into any 
contract of reinsurance, it shall bring its petition to the Insurance 
Commissioner of this State, setting forth the terms and conditions of 
such proposed amalgamation, consolidation, or reinsurance, and pray- 
ing for the approval thereof. The Insurance Commissioner shall 
thereupon issue an order of notice, requiring notice to be given by 
mail to the policy-holders of such company, of the pendency of such 
petition and the time and place at which the same will be heard, and 
by publication of said order of notice and said petition in a daily 
newspaper, designated by said Commissioner, and published in each 
of the cities of Hartford, New Haven, and New York, for at least 
three weeks before the time appointed for the hearing upon said peti- 
tion. The Commissioner shall request the assistance of the Insurance 
Commissioners or Superintendents of two other States as experts, who, 
with the Insurance Commissioner of this State, shall form a commis- 
sion to hear said petition. At the time and place fixed in said notice, 
or at such time and place as shall be fixed by adjournment, said com- 
mission shall proceed with said hearing. The attendance of witnesses 
before said commission may be compelled by subpoena issued by any 
competent authority ; and if any person shall refuse to appear before 
said commission in obedience to any subpcena served upon him, any 
justice of the peace, on application of said commission, may issue a 
capias to bring such person before them. Any policy-holder or 
stockholder of the company or companies may appear before said 
commission and be heard in reference to said petition. 

Powers and Duties of Commission. 

Sec. 22. Said commission, if satisfied that the interests of the 
policy-holders of such company or companies are properly protected, 
and that no reasonable objection exists thereto, may approve and 
authorize the proposed amalgamation, consolidation, or reinsurance; 
and said commission may make such order with reference to the dis- 
tribution and disposition of the surplus assets of any such company, 
thereafter remaining, as shall be just and equitable. Such amalgama- 
tion, consolidation, or reinsurance shall only be approved by the 
consent of all the members of said commission, and it shall be the 



22* • LIFE INSURANCE COMPANIES. 

duty of said commission to guard the interests of the policy-holders 
of any such company or companies proposing to amalgamate, con- 
solidate, or reinsure. 

Compensation of Commission. 
Sec. 23. Compensation of the Commissioners or Superintendents 
of other States, acting under the provisions of this act, shall be 
twenty-five dollars a day for the time they are actually employed, to 
be paid, together with the expenses and costs incident to said hearing,, 
by the company or companies bringing said petition. 

Penalty for Violating Law. 
Sec. 24. Any officer, director, or stockholder of any life insurance 
company violating or consenting to the violation of the four preced- 
ing sections shall be punished by a fine not less than ten thousand dol- 
lars, and by imprisonment in the common jail not less than one year. 

Loans and Investments, How Made. 
Sec. 25. No loan or investment shall be made by any life insur- 
ance company of this State without the unanimous approval of its 
finance or executive committee, or the approval of a majority of the 
directors of such company present at any meeting of such directors, 
and the name of every director approving or disapproving any loan 
or investment so made shall be entered upon the records of the 
company. 

Personal Benefit of Directors and Officers. 
Sec. 26. No director or officer of a life insurance company shall 

Sections 27 L J 

*§ d f e l "hap- receive any money or valuable thing for negotiating, procuring, or 

ters XVII and j. 1 r 1 r if - j" 

xxv, Acts of recommending any loan from such company, or for selling or aiding 
in the sale of any stocks or securities to or by such company. 

Premium Notes not Prohibited. 
Sec. 29. This act shall not prevent any company from taking pre- 
mium notes, or giving credit for part of its premiums, in accordance 
with its usual course of business. 

Penalty for Violating the Act Relating to Loans. 
Sec. 30. Any officer or director of a life insurance company con- 
senting to a loan or investment in willful violation of the provisions of 
the five preceding sections, shall be personally liable to the company 
for any loss which may be sustained by such investment or loan, to be 
recovered by an action brought by the Insurance Commissioner of 
this State, on complaint of any policy-holder or stockholder in the 
company suffering thereby. 



GENERAL PROVISIONS. 



*23 



[1879.] 

ARTICLE IV. 
General Provisions. 



Section 

1. Companies of other States or nations to 
appoint Insurance Commissioner for 
attorney. 
Revocation of licenses. 

3. How companies may consolidate. 

4. Value of stock of original companies, how- 
ascertained. 

5. Capital of consolidated company. 

6. Certificates of consolidation. 
Premium notes, when subject to set off ; 

mutual insurance, how conducted. 

Suits against companies, not to be lim- 
ited to less than one year. 

Reciprocal obligations of companies of 
other States and foreign countries. 

Treasurer may receive and hold securities. 

Treasurer may make annual examination 
of securities. 

Fees of treasurer for such services. 



Section 

13. Securities, how withdrawn. 

14. Substitution of other bonds and require- 

ments as to future deposits. 

15. Agents of companies of other States, not 

to act till laws complied with. 

16. False returns and false entries ; penalty 

for making. 

17. Reciprocal taxation and fees. 
Returns of premium receipts; tax on same. 
False statements of fire insurance com- 
panies. 

Advertisements shall correspond with 

verified statements. 
Penalty for making false statements. 
The term agent defined. 
Proxies confined to one use. 

24. All forms of insurance come under this 

law. 

25. Penalty for violation of law. 



An Act Relating to Service of Process upon Insurance 
Companies of Other States. 



Be it enacted by the Senate and House of Representatives in General 
Assembly convened : 

Section 1. No insurance company or association, organized under Amendment 
the laws of any other State or foreign country, shall directly or indi- Ap^iT^ 
rectly issue policies, take risks, or transact business in this State, until 
it shall have first appointed in writing the Insurance Commissioner of 
this State to be the true and lawful attorney of such company or asso- 
ciation in and for this State, upon whom all lawful process, in any 
action or proceeding against the company, may be served with the 
same effect as if the company existed in this State. Said power of 
attorney shall stipulate and agree on the part of the company that any 
lawful process against the company which is served on said attorney 
shall be of the same legal force and validity as if served on the com- 
pany, and that the authority shall continue in force so long as any 
liability remains outstanding against the company in this State. A 
certificate of such appointment, duly certified and authenticated, shall 
be filed in the office of the Insurance Commissioner, and copies certi- 
fied by him shall be deemed sufficient evidence. Service upon such 
attorney shall be deemed sufficient service upon the principal. 



24* GENERAL PROVISIONS. 

Sec. 2. Whenever lawful process against an insurance company 
mfnt e Peb en 2 d " sna ^ ^> e serve d upon the Insurance Commissioner, he shall forthwith 
l884 ' forward a copy of the process served on him, by mail, post-paid, and 

directed to the secretary of the company, or in the case of companies 
of foreign countries, to the resident manager, if any, in this country. 
For each copy of process, the commissioner shall collect the sum of 
two dollars, which shall be paid by the plaintiff at the time of such 
service, the same to be recovered by him as part of the taxable costs, 
if he prevails in the suit. 

Sec. 3. All acts and parts of acts inconsistent herewith are hereby 
repealed, but this repeal shall not affect any liability already incurred 
under said acts, or the remedies for recovering or enforcing the same. 
All attorneyships now in force shall continue in full force and effect 
until a new appointment is made and filed as provided in the first 
section of this act. 

Revocation of License. 

Sec. 2. When the Insurance Commissioner shall find that any 
insurance company not incorporated by this State is unsound, esti- 
mated in the manner prescribed in the eleventh section of article 1 
of this act, he shall revoke its license, and cause notice thereof to be 
published in two daily newspapers, printed one in Hartford and one 
in New Haven, at least one week ; and he may reissue such license 
when he shall be satisfied of its soundness; and no agent of such 
company shall, after the first publication of such notice, issue or 
renew any policy of insurance in its behalf. 

How Companies may Consolidate. 

Sec. 3, When the stockholders of any fire insurance company 
shall vote to consolidate with any other similar company, and the 
stockholders of both companies shall agree to such consolidation, and 
determine under which corporate organization and name their busi- 
ness shall be conducted, they shall be consolidated under the corpo- 
rate organization and name thus chosen, and thereupon all rights and 
property of both of said companies shall become the property of the 
corporation composed of such companies, and said last-named 
corporation shall be liable for the outstanding obligations of such 
companies. 

Valuation of Original Stock. 

Sec. 4. Upon such consolidation, the value of each share of the 
capital stock of each of them shall be ascertained through a valuation 
of all its assets and liabilities at the time of such consolidation, and 
new shares (and, when necessary, parts of shares) of the consolidated 



GENERAL PROVISIONS. *25 

company shall be apportioned to each stockholder, equal to the value 
of his shares in either of the original companies ; and such shares so 
apportioned shall be substituted for the shares in such companies ; 
and all certificates of shares in said original companies shall be sur- 
rendered when new certificates shall be issued. 

Limit of Capital Stock. 

Sec. 5. The capital stock of the consolidated company shall not 
exceed the aggregate authorized capital of the original companies. 

Certificate of Consolidation. 

Sec. 6. The president and directors of such consolidated com- 
pany shall, within thirty days after such consolidation, file a certifi- 
cate in the office of the Secretary of State, stating such consolidation, 
and the name and charter adopted. 

Premium Notes of Mutual Companies. 

Sec. 7. When any inhabitant of this State shall effect insurance in 
any fire insurance company, and give a premium note, the policy and 
note shall constitute one contract, and every equitable claim of the 
maker thereof upon said company may be set off against said note in 
the hands of a third party; and when any such company becomes in- 
solvent, the maker shall be liable on said note for only the equitable 
proportion thereof, for such part of the term of insurance as said 
company continued solvent ; and if the insolvency occurs within 
sixty days after its date, said note shall be void, except for any 
amount for which the maker may have a claim on said company. All 
mutual fire insurance companies (except those otherwise authorized 
by their charters) shall take premium notes for the obligations of the 
assured ; and assessments shall be for losses only, and upon said 
notes, and when paid shall be in payment, in whole or in part, as the 
case may be, of such notes. 

Limit of Time for Bringing Suits. 

Sec. 8. No insurance company shall limit the term within which 
any suit shall be brought against it to a period less than one year from 
the time when the loss insured against shall occur. 

Reciprocal Obligations. 

Sec. 9. When any other State shall impose any obligation upon 
insurance companies of this State or their agents transacting business 
in such other State, the like obligations are hereby imposed upon 



26* GENERAL PROVISIONS. 

similar companies of such other State and their agents transacting* 
business in this State ; and such companies of other States, and their 
agents, shall pay all penalties to, and make deposits with, the State 
treasurer. 

Treasurer to Hold Securities. 

Sec. 10. When any State shall require insurance companies of 
other States to deposit with some officer of such other State securities 
in trust for policy-holders of such companies as a prerequisite to their 
transacting business in such State, the treasurer of this State may re- 
ceive from any insurance company of this State the securities required 
by the laws of such other States on deposit, and hold the same in trust 
for the policy-holders of such company; but it may collect and re- 
ceive the interest and dividends thereon, and withdraw them on de- 
positing with the said treasurer other securities of like character and 
value. The treasurer shall issue a certificate, under seal, of such de- 
posit for each State which shall require the same, which shall state 
the items and amount of securities thus deposited, and that he is sat- 
isfied that they are of the market value represented therein ; but no 
securities shall be estimated above the par value of the same, nor shall 
any such securities be withdrawn except as provided in this section. 

Treasurer to Examine Securities. 

Sec. ii. An examination shall be annually made by the treasurer 
of the securities held by him in trust, as aforesaid, from each insur- 
ance company ; and if it shall appear at any time that they amount to 
less than the sum required for the purposes for which such deposit was 
made, he shall notify said company thereof, and, unless the deficiency 
is made up within thirty days, shall countermand all the certificates 
he may have issued to said company under the preceding section, and 
give notice thereof to the officers of the States to whom said certifi- 
cates may have been transmitted, and publish said notice in one 
newspaper printed in Hartford and one printed in New Haven, for 
three weeks successively. 

Fees of Treasurer. 

Sec. 12. Each insurance company so depositing securities with the 
treasurer shall pay him twenty-five dollars annually in lieu of all fees 
for such services, except in cases where it shall be necessary to make 
an examination out of his office ; for each of which such special 
examinations and appraisals he shall be paid by the company in whose 
behalf the service is performed ten dollars and his actual traveling, 
expenses, in lieu of other fees. 



GENERAL PROVISIONS. *27 

Securities — How Withdrawn. 

Sec. 13. When said company shall have caused all its unexpired 
policies to be paid, canceled or reinsured, and all its liabilities under 
such policies thereby to be extinguished, or to be assumed by some 
other responsible company having a similar deposit with said treas- 
urer, he shall, on application of such company, verified by the oath 
of its president or secretary, and on being satisfied, by an examination 
of its books and of its officers under oath, that all its policies are so 
paid, canceled, extinguished, or reinsured, deliver up to it such 
securities. 

Substitution of Securities. 

Sec. 14. [Repealed in 1884.] 

Agents must Comply with the Laws. 

Sec. 15. No person shall, in this State, act as agent of any insur- 
ance company or association, organized under the laws of any other 
State, until he shall have in all respects complied with the laws of 
this State. 

Penalty for Making False Reports, Etc. 

Sec. 16. Every person who shall, upon oath or affirmation legally 
administered to him, willfully and corruptly make false report or tes- 
tify or affirm falsely to any material fact in any matter wherein an 
oath or affirmation is by this act required or authorized, shall be im- 
prisoned in the state prison not less than one nor more than three 
years. And every person who shall make any false entry or memo- 
randum upon any of the books or papers of any insurance company, 
with intent to deceive, shall be imprisoned in the state prison not less 
than one nor more than three years. 

Reciprocal Taxation and Fees. 
Sec. 17. Every insurance company or association incorporated by 
or organized under the laws of any other State, and admitted to 
transact business in this State, and each agent of every such insurance 
company, shall pay the same fees and taxes to the treasurer of this 
State as are imposed by such other State upon any similar insurance 
companies incorporated by or organized under the laws of this State, 
or upon the agents of any such companies transacting business in 
such other State. 

Premium Receipts — How Taxed. 

Sec. 18. Every agent of any such insurance company admitted to 
transact business in this State shall return annually, on or before the 



28* GENERAL PROVISIONS. 

tenth day of January, under oath, to the Insurance Commissioner, the 
gross amount of premiums collected by him for the year previous ; 
and upon receiving from said commissioner a certificate of the 
acceptance of said return and of the amount of tax due thereon, shall 
pay the same to the treasurer of the State, on or before the twentieth 
day of January annually ; and every such agent and every agent of a 
foreign insurance company shall retain from the premiums collected 
by him the tax due or to become due thereon. 

False Statements of Companies Prohibited. 

Sec. 19. No company, corporation, or association authorized to 
transact the business of fire insurance within this State shall state or 
represent, either by advertisement in any newspaper, magazine, or 
periodical, or by any sign, circular, card, policy of insurance, or cer- 
tificate of renewal thereof, any funds or assets to be in its possession 
not actually possessed by it, and available for the payment of losses 
by fire and held for the protection of holders of their policies of fire 
insurance. The advertising of subscribed capital not actually paid up 
in cash shall be construed as a violation of the provisions of this act. 

Advertisements must Correspond with Official Statements. 

Sec. 20. Every advertisement or public announcement, and every 
circular or card hereafter made or issued by any company, corpora- 
tion, or association, authorized to transact the business of fire insur- 
ance within this State, which shall purport to make known the finan- 
cial standing of any such company, corporation, or association, shall, 
in all particulars which it purports to give correspond with the last- 
preceding verified statement made by said company, corporation, or 
association, to the insurance department of this State. 

Penalty for Making False Statements. 

Sec. 21. Every person or corporation violating any provision of 
the two preceding sections of this act shall, for the first offense, forfeit 
and pay to this State five hundred dollars; and for every subsequent 
violation of any provision of such sections, shall forfeit and pay to the 
State one thousand dollars. 

' The Term Agent Defined. 

Sec. 22. The term agent or agents used in this act shall include 
an acknowledged agent or surveyor, and any person or persons who 
shall in any manner aid in transacting the business of an insurance 
•company. 



general provisions. *29 

Proxies Limited to One Use. 
Sec. 23. No power of attorney to vote at any meeting of any life 
insurance company shall be used at more than one meeting of such 
corporation. 

All Forms of Insurance Subject to this Act. 
Sec. 24. The provisions of this act shall be applicable to all forms 
of insurance and to all insurance companies, associations, corpora- 
tions, partnerships, individuals, or association of individuals, doing 
or attempting to do business under any charter, compact, or agree- 
ment making a guaranty, contract, or pledge of insurance ; and to all 
chartered mutual benefit companies, so far as the nature of the busi- 
ness of the same may admit. But the provisions of section two, arti- 
cle three, of this act shall not apply to policies or certificates in 
which the amount of insurance or benefit is determined by an assess- , 

J Amendment. 

ment collected from the surviving and associated holders of like l88 ° and l882 * 
policies or certificates, and not by a guaranty or pledge of insurance 
irrespective of the amount thus collected ; provided, that any amount 
collected upon such assessments, until expended for the purpose for 
which it was collected, shall be charged as a liability against the com- 
pany or association holding the same. 

Penalty for Violation of Law. 

Sec. 25. Every person or corporation violating any provision of 
this act, for which no other penalty is provided or provision made, 
shall be fined not less than one hundred dollars nor more than five 
hundred dollars. 

Approved, March 27, 1879. 



[Acts Passed January Session, 18S1.] 
CHAPTER XVII. 

AN ACT AMENDING AN ACT RELATING TO INSURANCE COMPANIES. 

Be it enacted by the Senate and House of Representatives in General 
Assembly convened : Section 1. No portion of the capital, assets, or 
income of any life insurance company of this State shall hereafter be 
used in the purchase of the stocks or bonds of any mining or manu- 
facturing company in any event, nor in the purchase of the stocks or 
bonds of any other private corporation upon which last-mentioned 
stocks a regular dividend shall have been passed, or upon which last- 
mentioned bonds a regular interest payment shall have been defaulted 
at any time within three years prior to such investment ; provided, 
that no investment shall be made by said companies in any of the 



30* GENERAL PROVISIONS. 

stocks or bonds last above referred to which have not been issued for 
the space of three years prior to such investment, or which have not 
a market value equal to the par value thereof, unless the written ap- 
proval by the Insurance Commissioner of such investment shall first 
have been obtained. And no loan shall be made by any such com- 
pany upon the security of the stock of any mining company. And no 
loan shall be made by any such company upon the security of the stock 
of any manufacturing company unless the same shall be accompanied 
by the individual guarantee of some responsible party or parties, or 
by other collateral security of equal value to the amount of the sum 
loaned. 

Sec. 2. Section twenty-eight of article three of "An Act relating 
to Insurance Companies," being chapter sixty-three of the public acts 
of 1879, which reads as follows: "Section 28. No portion of the 
capital, assets, or income of such company shall hereafter be used in 
the purchase of the stocks or bonds of any mining or manufacturing 
company or of any other private corporation, unless the market value 
of the stocks or bonds of such other private corporation shall be equal 
to the par value thereof, and upon which dividends or interest shall 
have been regularly paid for three years prior to such investment or 
loan ; nor shall any loan be made by any such company upon any 
securities, the purchase of which by it is by this act prohibited," is 
hereby repealed ; provided, however, that said section hereby repealed 
shall remain in full force as to all past transactions and for the purpose 
of prosecuting to final judgment all violations of it. 

Sec. 3. Any officer or director of a life insurance company con- 
senting to a loan or investment, in willful violation of the provisions 
of this act, shall be personally liable to the company for any loss 
which may be sustained by reason of such investment or loan, to be 
recovered by an action brought by the Insurance Commissioner of 
this State on complaint of any policy-holder or stockholder in the 
company suffering thereby. 

Sec. 4. This act shall take effect from its passage. 

Approved, March 9, 1881. 



CHAPTER XXV. 

AN ACT AMENDING AN ACT RELATING TO INSURANCE COMPANIES. 

Be it enacted by the Senate and House of Representatives in General 
Assembly convened: Section 1. That section twenty-seven, article 
third, chapter sixty-three of the public acts of 1879, approved March 
twenty-seventh, 1879, which provides that "no loan shall hereafter be 



GENERAL PROVISIONS. 



■31 



made of the capital, assets, or income, or any portion thereof, of any- 
life insurance company incorporated by, or organized under, the laws 
of this State, unless such loan shall be secured by mortgage of unen- 
cumbered real estate, worth at least double the amount loaned thereon; 
or by pledge of bonds or stocks as collateral having a market value at 
least twenty-five per cent, in excess of the amount loaned thereon," 
be, and hereby is, amended by adding after the last word of said 
section the following, viz. : provided, however, that such life insurance 
company may make such loan upon pledge of United States Govern- 
ment bonds and bonds of the State of Connecticut, at par, so that 
the same, when amended, shall read as follows, viz.: 

" No loan shall hereafter be made of the capital, assets, or income, 
■or any portion thereof, of any life insurance company incorporated 
by, or organized under, the laws of this State, unless such loan shall 
be secured by mortgage of unencumbered real estate worth at least 
■double the amount loaned thereon ; or by pledge of bonds or stocks 
as collateral, having a market value at least twenty- five per cent, in 
excess of the amount loaned thereon ; provided, however, that such 
life insurance company may make such loans upon pledge of United 
States Government bonds, and bonds of the State of Connecticut, at 
par." 

Sec. 2. Any officer or director of a life insurance company con- 
senting to a loan or investment in willful violation of the provisions 
of this act shall be personally liable to the company for any loss which 
may be sustained by an investment or loan, to be recovered by an 
action brought by the Insurance Commissioner of this State, on com- 
plaint of. any policy-holder or stockholder of the company suffering 
thereby. 

Sec. 3. This act shall take effect from its passage. 

Approved, March 16, 1881. 



TAXATION OF MUTUAL LIFE INSURANCE COMPANIES. 
CHAPTER XLIX. 



Section 

r. Annual returns to comptroller by life in- 
surance companies. 

2. Correction ol returns by Board of Equal- 
ization. 



Section 

3. Time and conditions of paying taxes. 

4. Penalty for neglect of duty. 



Annual Returns to Comptroller. 
Section 1. The secretary or treasurer of every life insurance 
company chartered by this State, and doing business in whole or in 
part upon the plan of mutual insurance, including all companies 



32* GENERAL PROVISIONS. 

whose policy-holders have a right to participate in its profits, shall r 
on or before the fifteenth day of February, annually, render to the 
comptroller a sworn statement of the total amount of its assets on 
the preceding thirty-first day of December, with a detailed enumera- 
tion of such assets and the market value thereof, the amount of 
premium notes held by it, its ascertained and unpaid losses on that day, 
and if said company be also in part a stock company, the stock 
whereof is by law taxable, the market value of the assets belonging 
to the stock department of said company. 

Correction of Returns by Board of Equalization. 

Sec. 2. The board of equalization shall examine and correct all 
statements and returns made to the comptroller in pursuance of the 
foregoing section, and in case any such company shall not make the 
return herein prescribed, said board shall, upon the best information 
it can obtain, make out, within ten days after the time above limited 
for making such returns, the statement required to be made by such 
company, and such statement or return so corrected, or made out, 
shall be conclusive as to the market value and amount of the assets 
of said company. 

Sec. 3. Every such insurance company shall, on or before the 
twenty-fifth day of February, A. D. 1882, pay to the State, as a tax 
on its corporate franchise, a sum equal to three-eighths of one per 
cent., and on or before the twenty-fifth day of February, 1883, a sum 
equal to three-tenths of one per cent., and annually thereafter, on or 
before the twenty-fifth day of February, a sum equal to one-fourth 
of one per cent, on the total amount of its premium notes, and on 
the market value of all its other assets, deducting, however, the 
amount of its ascertained and unpaid losses, the market value of its 
real estate liable to taxation in this State, the market value of any 
bonds owned by it which have been heretofore issued by this State 
or by any town or city in this State in aid of the construction of any 
railroad, and which, by the laws of this State, are exempt from tax- 
ation, and if said company be in part a stock company, the stock 
whereof by law is otherwise liable to taxation, the market value of 
the assets belonging to its stock department; and said tax so paid 
shall be in lieu of all other taxes on the assets of said company, 
except on its taxable stock and on real estate held by it, over and 
above what may be necessarily used by it in transacting its appro- 
priate business. 



general provisions. *33 

Penalty for Neglect of Duty. 

Sec. 4. If any person whose duty it shall be to make such returns 
shall fail to do so within the time limited, he shall forfeit five thou- 
sand dollars to the State; and if any insurance company required by 
this statute to make any payment fail to do so within the time herein 
limited, it shall forfeit to the State twice the amount required for 
such payment. 

Approved, April 1, 1SS1. 



CONCERNING FIRE INSURANCE COMPANIES. 

Be it enacted, etc. : Section 1. All insurance companies organized 
under the laws of this State, having power to make insurance against 
loss by fire, are authorized to include and make insurance against 
loss by lightning, provided the same shall be clearly expressed in the chapfe? xin, 
policy. 

Sec. 2. This act shall take effect from its passage. 

Approved, April 5, 1881. 



See Act, 



CHAPTER CXII. 

AN ACT RELATING TO INVESTMENTS OF LIFE INSURANCE COMPANIES. 

Be it enacted by the Senate and Hotise of Representatives in General 
Assembly convened : In all cases in which any life insurance company 
of this State shall have legally acquired by mortgage, deed of trust, 
or foreclosure, or in any manner, in payment of a debt previously 
contracted, any mining or manufacturing property, real or personal, 
situated in this State or elsewhere, it shall be lawful for said insur- 
ance company, upon the sale of said property, to take in payment or 
part payment therefor the stocks or bonds of any company or cor- 
poration purchasing said property. 

Approved, April 13, 1881. 



CHAPTER LXIIL 

AN ACT RELATING TO ACCIDENT INSURANCE. 

Be it enacted by the Senate and House of Representatives in General 
Assembly convened: Section r. Any company chartered by and now 
doing business in this State, and empowered to make contracts con- 
tingent upon life, is hereby authorized to issue policies or certificates 
c 



34* GENERAL PROVISIONS. 

insuring or protecting persons against loss of life or personal injury- 
resulting from any cause, which policies or certificates shall state on 
their face the agreement with the persons receiving the same, and 
when executed in accordance with the charter and by-laws of said 
company shall be binding upon the same. 

Sec. 2. All certificates heretofore issued by any company named 
in the first section of this act, protecting persons against loss of life 
or personal injury, are hereby validated. 

Sec. 3. This act shall take effect from its passage. 

Approved, March 30, 1882. 



CHAPTER CXVI. 

AN ACT CONCERNING LIFE AND ACCIDENT INSURANCE COMPANIES. 

Be it enacted by the Senate and House of Representatives in General 
Assembly convened : Section 1. Whenever it shall come to the knowl- 
edge of the Insurance Commissioner that any company or association 
under his supervision, doing a business within this State upon the 
assessment or co-operative plan of insurance or indemnity, has failed 
to collect the necessary sum by assessment to make full payment of 
the maximum amount named in any contract, it shall be the duty of 
the Insurance Commissioner to notify said company or association to 
cease doing new business unless it shall thereafter use in the solicita- 
tion thereof only such' application forms as shall bear, printed in red 
ink in a conspicuous manner along the margin of said application 
forms, the words, "it is understood and agreed that the amount to be 
paid, when the certificate issued upon this application becomes a 
claim, shall be dependent upon the amount collected from an assess- 
ment made to meet such claim," and every company or association 
shall immediately conform to the provisions of this section whenever 
so notified. 

Sec. 2. Every company or association violating the provisions of 
this act shall be fined not less than one hundred nor more than five 
hundred dollars. 

Sec. 3. This act shall take effect from its passage. 

Approved, April 25, 1882. 



CHAPTER XIII. 

AN ACT CONCERNING FIRE INSURANCE COMPANIES. 

Be it enacted by the Senate and House of Representatives in General 
Assembly convened : Section 1. All insurance companies, organized 
under the laws of this State, having power to make insurance against 



GENERAL PROVISIONS. *35 

loss by fire, are authorized to make insurance against loss by wind 
storms, tornadoes, and cyclones, provided the same shall be clearly 
expressed in the policy. 

Sec. 2. This act shall take effect from its passage. 

Approved, March 14, 1883. 



CHAPTER XC. 

AN ACT RELATING TO LIFE INSURANCE COMPANIES. 

Be it enacted by the Senate and House of Representatives in General 
Assembly convened : Section 1. Any company chartered by, and 
now doing business in this State, and empowered to make contracts 
contingent upon life, is hereby authorized to grant and issue annui- 
ties either in connection with or separate from contracts of insurance 
predicated upon life risks. 

Sec. 2. All contracts heretofore issued by any company named 
in the first section of this act, comprising an annuity, are hereby 
valid. 

Sec. 3. This act shall take effect from its passage. 

Approved, April 19, 1883. 



CHAPTER XL 



AN ACT RELATING TO SERVICE OF PROCESS UPON INSURANCE 
COMPANIES OF OTHER STATES. 

Be it enacted, etc. : Section 1, Whenever service of process on an 
insurance company may be. made, bylaw, on the Insurance Commis- 
sioner of this State, such commissioner may, from time to time, 
designate some person in his office upon whom in his absence service 
of such process may be made ; and such service shall be of the same 
force and effect as though made on the commissioner personally. 

Sec. 2. This act shall take effect from its passage. 

Approved, February 27, 1884. 



CHAPTER XIV. 

AN ACT RELATING TO INSURANCE COMPANIES. 

Be it enacted, etc. : Section 1. Section fourteen of article four of 
chapter sixty-three of the public acts of 1879 (page 414), said 
chapter sixty-three being an act relating to insurance companies, 
is hereby repealed. 

Sec. 2. This act shall take effect from its passage. 

Approved, March 4, 1884. 



36* GENERAL PROVISIONS. 

CHAPTER XLII. 

AN ACT RELATING TO THE ORGANIZATION OF INSURANCE COMPANIES. 

Be it enacted, etc. : Section i. Every insurance company or asso- 
ciation hereafter incorporated or organized in this State shall, before 
issuing any policy of insurance or making any contract of insurance, 
file with the Insurance Commissioner a certified copy of its charter 
or articles of association and a statement verified by the oath of its 
president and secretary, showing that said company is duly organized. 

Sec. 2. Upon receiving such statement the Insurance Commis- 
sioner shall examine such company or association, and, if he finds 
that it has complied with the terms of its charter or articles of 
association and the laws of the State, shall issue a certificate author- 
izing such company or association to issue policies and make con- 
tracts of insurance. 

Sec. 3. The fee for filing copy of charter or articles of association 
shall be ten dollars ; and for a certificate of authority under this act 
five dollars. 

Sec. 4. This act shall take effect from its passage. 

Approved, March 20, 1884. 



CHAPTER LXXXVII. 

AN ACT RELATING TO THE INSURANCE COMMISSIONER. 

Be it enacted by the Senate and House of Representatives in General 
Assembly convened : 

Every person hereafter appointed Insurance Commissioner shall, 
before entering upon the duties of such appointment, give a bond 
to the State with sufficient surety, to the acceptance of the treas- 
urer, in the sum of five thousand dollars, conditioned for the 
faithful performance of the duties of said office, during the term 
of such appointment. 

Approved, April 16, 1885. 



CHAPTER XCIII. 

AN ACT RELATING TO INSURANCE AGENTS. 

Be it enacted by the Senate and House of Representatives in General 
Assembly convened : 
Section 1. No person shall act as agent for any insurance com- 
pany or association incorporated by or organized under the laws of 
any other State of the United States or any foreign country, directly 



GENERAL PROVISIONS. *37 

or indirectly taking risks or transacting the business of life insurance 
in this State, without procuring from the Insurance Commissioner, 
under a penalty of not less than one hundred dollars nor more than 
five hundred dollars, a certificate of authority stating that such com- 
pany or association has complied with all the laws of this State rela- 
tive to such companies or associations, which certificates shall con- 
tinue in force until the thirty-first day of March next after its issue, 
unless revoked for cause. 

Sec. 2. Any insurance agent or any insurance broker who, in this 
State, solicits or procures policies or risks of insurance from or in any 
stock fire insurance company or association, or from or in any life or 
accident insurance company or association, organized under the laws 
of any other State of the United States, or of any foreign govern- 
ment, except such risk be upon his own property or person, or who, 
in any manner, except as aforesaid, aids the transaction of business 
in this State by any such company or association that has neglected 
or refused to comply with the requirements of the laws of this State 
relating to such companies or associations, shall be fined not more 
than one thousand dollars ; provided, however, that the Insurance 
Commissioner, upon the payment of a fee of twenty dollars, may 
issue a license to continue in force, unless revoked, until the first day 
of April next following, which license shall be revokable at pleasure, 
to any person permitting the person named in said license to procure 
policies of fire insurance on property in this State in companies or 
associations which have not complied with the laws of this State 
relative to such companies or associations. 

Sec 3. No person shall act under such license until he make and 
file in the office of the Insurance Commissioner an affidavit that he is 
unable to procure in companies admitted to do business in this State 
the amount of insurance necessary to protect the property to be in- 
sured under such license. Such person shall keep a separate account 
of the business done under such license, which account shall at all 
times be open to the inspection of the Insurance Commissioner, and 
shall annually, on or before the tenth day of January, file in the office 
of the Insurance Commissioner a sworn statement showing : first, 
the exact amount of insurance placed for each person, firm, or cor- 
poration, under such license ; second, the gross premiums charged 
thereon ; third, in what company or companies, association or asso- 
ciations ; fourth, the date of the policy or policies ; and fifth, the 
terms thereof. 

Sec. 4. Each person acting under such license shall pay to the 
treasurer of this State annually on or before the twentieth day of Jan- 



38* ASSESSMENT INSURANCE. 

uary, a sum equal to three per cent, of the gross premiums charged 
for insurance procured or placed under such license. 

Sec. 5. This act shall not be construed to apply to fraternal asso- 
ciations dispensing aid or benefits to its members or their heirs. 

Approved, April 22, 1885. 



CHAPTER CIV. 

AN ACT IN RELATION TO ASSESSMENT INSURANCE. 

Be it enacted by the Senate and House of Representatives in General 
Assembly convened : 

Section 1. It shall not be lawful for any corporation or association 
organized under other authority than the laws of this. State, for the 
purpose of furnishing life or accident insurance or indemnity upon 
the assessment plan, to do any business in this State or for any per- 
son to act within this State as agent in soliciting, procuring, receiving 
or transmitting any application for membership or insurance, in or 
for or on behalf of any corporation or association, unless such cor- 
poration or association shall be authorized to do business in this 
State, and such agent licensed by the Insurance Commisssioner as 
hereinafter provided. 

Sec. 2. Any corporation or association organized under the laws 
of any other State of the United States for the purpose of furnishing 
life or accident insurance or indemnity upon the assessment plan, or 
that is carrying on the business of life or accident insurance upon the 
assessment plan, shall receive from the Insurance Commissioner of 
this State a certificate that it has complied with the provisions of this 
act, and is authorized to do business in this State whenever such cor- 
poration or association shall deposit with him a certified copy of its 
charter or articles of incorporation, a copy of its statement of busi- 
ness for the year ending the thirty-first day of the next preceding 
December, sworn to by the president and secretary or like officers 
thereof, setting forth the number and amount of certificates of mem- 
bership or policies in force, and a detailed account of its expendi- 
tures, income, assets and liabilities, and also a certificate sworn to by 
the president and secretary or like officers thereof, setting forth that 
it has paid, and has the ability to pay its certificates or policies to the 
full limit named therein ; that it does not issue certificates or policies 
of life insurance upon the lives of persons who are more than sixty- 
five 5'ears of age ; that its certificates or policies are payable only to 
beneficiaries having a legal insurable interest in the life of the mem- 
ber or insured ; that an ordinary assessment upon its members is 



ASSESSMENT INSURANCE. *39 

sufficient to pay its maximum certificate of membership or policy 
theretofore issued, if any, or thereafter to be issued to residents of 
this State, to the full amount or limit named therein ; a certificate 
from the Insurance Commissioner or other like officer charged with 
the duty of executing the insurance laws of the State where said cor- 
poration or association is organized, certifying that it is legally enti- 
tled to do business ; and that corporations chartered under the laws 
of this State, and engaged in the business of life or accident insur- 
ance or indemnity on the assessment plan are legally entitled to do 
business in that State ; a copy of the application for membership or 
insurance, and a copy of the form of certificate of membership or 
policy, and of each form thereof, if more than one form is used ; 
and a copy of the constitution and by-laws. 

Sec. 3. No corporation or association organized under the laws of 
any other State shall directly or indirectly transact business in this 
State until it shall have first appointed in writing the Insurance Com- 
missioner of this State to be the true and lawful attorney of such Cor- 
poration or association in and for this state, upon whom all lawful 
process in any action or proceeding against the corporation or asso- 
ciation may be served with the same effect as if the corporation or 
association existed in this State. Said power of attorney shall stipu- 
late and agree on the part of the corporation or association that any 
lawful process against the corporation or association which is served 
on said attorney shall be of the same legal force and validity as if 
served on the corporation or association, and that the authority shall 
continue in force so long as any certificate of membership or policy 
remains outstanding against the corporation or association in this 
State. A certificate of such appointment duly certified and authenti- 
cated shall be filed in the office of the Insurance Commissioner, and 
copies certified by him shall be deemed sufficient evidence. Service 
upon such attorney shall be deemed sufficient service upon the 
principal. 

Sec. 4. Whenever lawful process against a corporation or associa- 
tion shall be served upon the Insurance Commissioner, he shall forth- 
with forward a copy of the process served on him by mail, post-paid, 
and directed to the secretary of the corporation or association. For 
each copy of process the commissioner shall collect the sum of two 
dollars, which shall be paid by the plaintiff at the time of such 
service, the same to be recovered by him as part of the taxable costs, 
if he prevails in the suit. 

Sec. 5. After authorizing such corporation or association to do 
business in this State, as provided in this act, the Insurance Commis- 
sioner shall issue licenses to agents thereof, to be designated by the 



40* ASSESSMENT INSURANCE. 

corporation or association, authorizing them to act as such agents for 
the term of one year ; but such licenses must be renewed annually on 
or before the first day of March. 

Sec. 6. The Insurance Commissioner shall examine into the con- 
dition, affairs and management of any corporation or association 
applying for admission or doing business in this State under the pro- 
visions of this act, and the necessary expense of any such examination 
made or ordered to be made by said commissioner shall be certified 
to by him and paid by the corporation or association so examined. 
And if upon any such examination or otherwise the Insurance Com- 
missioner shall at any time ascertain that an ordinary assessment upon 
the members of any such corporation or association shall not be suffi- 
cient to pay its maximum certificate of membership to the full limit, 
and that assessments made upon its members at the rate at which they 
are liable to be assessed, together with its available funds, are not 
sufficient to pay in full its certificates as they become due, or that 
such corporation or association has failed to pay to the maximum 
amount named in any certificate when it became due, or that it is 
conducting its business fraudulently, or that it is not carrying out its 
contracts with its members in good faith, it shall be his duty to refuse 
such application for admission, or forthwith to revoke all authority 
previously given to such corporation or association, and all its agents, 
to do business in this State, and to publish such revocation in some 
newspaper published in this State. 

Sec. 7. The Insurance Commissioner is hereby authorized and 
empowered to address any inquiries he may deem proper to any cor- 
poration or association which may be authorized to do business in 
this State under the provisions of this act, in relation to its business 
or condition, and it shall be the duty of the officers of such corpora- 
tion or association so addressed to promptly reply in writing to all 
such inquiries under the oath of its president and secretary or other 
like officers, and in case of a failure or refusal of such officers to so 
reply, the Insurance Commissioner may suspend or revoke all author- 
ity to such corporation or association and all its agents to do business 
in this State. 

Sec. 8. The Insurance Commissioner, upon application by cor- 
porations chartered under the laws of this State, shall issue to such 
corporations certificates that corporations, associations or societies 
chartered by other States, furnishing life or accident insurance or in- 
demnity on the assessment plan who have complied with the provis- 
ions of this act are legally entitled to do business in this State. 

Sec. 9. Whoever solicits, procures or receives in or transmits from 
this State any application other than his own, for membership or in- 



ASSESSMENT INSURANCE. *41 

surance in any corporation or association embraced by the first sec- 
tion of this act, shall be deemed and held to be an agent of such cor- 
poration or association within the meaning of this act. 

Sec. 10. Any person who shall transact business for any corpora- 
tion or association embraced by the first section of this act as an 
agent thereof within the meaning of this act, without first procuring 
and having a license from the Insurance Commissioner to act as such 
agent, or after such license has been suspended or revoked, shall be 
fined not less than one hundred dollars nor more than five hundred 
dollars for each offense. 

Sec. ii. Every corporation or association which may be doing 
business in this State under the provisions of this act shall, on or be- 
fore the first day of March in each year after it commences to do 
business in this State, make and file with the Insurance Commissioner 
of this State a report of its affairs and operations during the year 
ending the thirty-first day of December next preceding. Such annual 
reports shall be made upon blank forms, to be provided and furnished 
by the Insurance Commissioner, and shall be verified under the oath 
of the president and secretary or other like officers, and shall be pub- 
lished, or the substance thereof, in his annual report, by the Insurance 
Commissioner. 

Sec. 12. Every corporation or association incorporated by or 
organized under the laws of any other State, and admitted to transact 
business in this State, and each agent of every such corporation or 
association, shall pay the same fees and taxes to the Insurance Com- 
missioner of this State as are imposed by such other State upon any 
similar corporations or associations incorporated by or organized 
under the laws of this State, or upon the agents of any such corpora- 
tions or associations transacting business in such other State. 

Sec. 13. When any other State shall impose any obligation upon 
corporations or associations of this State, or their agents transacting 
business in such other State, the like obligations are hereby imposed 
upon similar corporations or associations of such other State and their 
agents transacting business in this State; and such corporations or 
associations of other States, and their agents, shall pay all penalties to 
and make deposits with the State treasurer. 

Sec. 14. If such corporation or association "shall, at any time, fail 
or refuse to make the annual report, or shall neglect for more than 
thirty days to pay any final judgment rendered against it in the 
•courts of this State, the Insurance Commissioner shall forthwith sus- 
pend or revoke all authority to such corporation or association, and 
all its agents, to dp business in this State, and shall publish such re- 
vocation in some newspaper published in this State. 



42* SURETYSHIP. 

Sec. 15. Nothing in this act contained shall be construed to apply 
to any secret or fraternal society, nor to any association organized 
solely for benevolent and charitable purposes, whose members are 
employed by one or more similar corporations or institutions, or 
whose membership is confined to one trade, art or profession. 

Sec. 16. This act shall take effect from its passage. 

Approved, April 22, 1885. 



CHAPTER CVII. 

AN ACT RELATING TO THE GIVING OF BONDS REQUIRED BY LAW. 

Be it enacted by the Senate and House of Representatives in General 
Assembly convened : 

Section 1. Any company with a paid-up capital of not less than 
five hundred thousand dollars, incorporated and organized under the 
laws of any State of the United States, solely for the purpose of trans- 
acting business as surety on obligations of persons or corporations, 
and which has complied with all the requirements of the law regu- 
lating the admission of such companies to transact business in this 
State, may, upon production of evidence of solvency and credit satis- 
factory to the judge, head of department, or other officer authorized 
to approve such bond, be accepted as surety upon the bond of any 
person or corporation required by the laws of this State to execute a 
bond, in lieu of any surety or sureties as now required by law, and 
such company may be released from its liability on the same terms and 
conditions as are by law prescribed for the release of individuals, it 
being the true intent and meaning of this act to enable corporations 
created for that purpose to become the surety on bonds required by 
law, subject to all the rights and liabilities of private persons. 

Sec. 2. Any court or officer whose duty it is to pass upon the 
account of any person or corporation required by law to give a bond, 
may, whenever such person or corporation has given any such surety 
company as surety upon said bond, allow in the settlement of such 
account a reasonable sum for the expense of procuring such surety. 

Sec. 3, Any company which shall execute any bond as surety 
under the provisions of this act shall be estopped in any proceedings, 
to enforce the liability which it shall have assumed to incur, to deny 
its corporate power to execute such instrument or assume such 
liability. 

Sec. 4. This act shall take effect from the date pf its approval. 

Approved, April 22, 1885* 



SURETYSHIP. *43 

CHAPTER CVIII. 

AN ACT RELATING TO CORPORATE SURETYSHIP. 

Be it enacted by the Senate and House of Representatives in General 
Assembly convened : 

Section i. Any company incorporated and organized under the 
laws of any State of the United States other than this State, for the 
purpose of transacting business as surety on obligations of persons or 
corporations, may transact such business in this State upon complying 
with the provisions of this act and not otherwise. 

Sec. 2. No such company, not incorporated under the authority 
of this State, shall directly or indirectly take risks or transact business 
in this State until it shall have first appointed, in writing, the Insur- 
ance Commissioner of this State to be the true and lawful attorney of 
such company in and for this State, upon whom all lawful process, in 
any action or proceeding against the company, may be served with 
the same effect as if the company existed in this State. Said power 
of attorney shall stipulate and agree on the part of the company that 
any lawful process against the company which is served on said attor- 
ney shall be of the same legal force and validity as if served on the 
company, and that the authority shall continue in force so long as 
any liability remains outstanding against the company in this State. 
A certificate of such appointment, duly certified and authenticated, 
shall be filed in the office of the Insurance Commissioner, and copies 
certified by him shall be deemed sufficient evidence. Service upon 
such attorney shall be deemed sufficient service, upon the principal. 

Sec. 3. Whenever lawful process against such company shall be 
served upon the Insurance Commissioner, he shall forthwith forward 
a copy of the process served on him, by mail, post-paid, and directed 
to the secretary of said company. For each copy of process the Com- 
missioner shall collect the sum of two dollars, which shall be paid by 
the plaintiff at the time of such service, the same to be recovered by 
him as part of the taxable costs if he prevail in the suit. 

Sec. 4. No person shall act within this State as agent for such 
company, incorporated or organized under the laws of any other State 
unless such company is possessed of two hundred a?id fifty thousand 
dollars capital, and unless such capital to the extent of one hundred 
thousand dollars is invested in stocks created by the laws of the 
United States, or by or under the laws of the State in which such 
company is located, or in other safe stocks or securities, the value of 
which, at the time of such deposit, shall be at or above par, which 
investments are deposited with the Insurance Commissioner, auditor, 
comptroller or chief financial officer of the State under whose laws 



44* SURETYSHIP. 

such company is incorporated, and the Insurance Commissioner of 
this State is furnished with the certificate of such Insurance Commis- 
sioner, auditor, comptroller or chief financial officer aforesaid, under 
his hand and official seal, that he, as such Insurance Commissioner, 
auditor, comptroller or chief financial officer of such State, holds 
in trust and in deposit for the benefit of all obligees of such company, 
the securities before mentioned ; which certificate shall describe the 
items of security so held, and shall state that he is satisfied that such 
securities are worth one hundred thousand dollars. 

Sec. 5. Every person who shall so far represent any such com- 
pany incorporated or organized under the laws of any other State as 
to receive or transmit applications for suretyship or to receive for 
delivery bonds founded on applications forwarded from this State, or 
otherwise to procure suretyship to be effected by such company upon 
the bonds of persons or corporations in this State, or upon bonds 
given to persons or corporations in this State, shall be deemed as 
acting as agent for such company and shall be subject to the restric- 
tions and liable to the penalties herein made applicable to agents of 
such companies. 

Sec. 6. Every such company, before transacting any business in 
this State, shall deposit with the Insurance Commissioner a copy of 
its charter or articles of association and a statement signed and sworn 
to by its president and secretary stating the amount of its capital and 
the manner of its investments, designating the amount invested in 
mortgages, in the stock of incorporated companies, stating what com- 
panies, in public securities, and also the amount invested in other 
securities, particularizing each item of investment; the amount o^ 
existing bonds upon which such company is surety, stating what por- 
tion thereof is secured by the deposit with such company of collateral 
security, the amount of premium thereon and the amount of liabili- 
ties, specifying therein the amount of outstanding claims adjusted or 
unadjusted, due or not due. 

Sec. 7. Every such company shall, in the month of January, 
annually, deposit with the Insurance Commissioner a similar state- 
ment of the capital of said company and its investments and risks as 
aforesaid, to be made up to the thirty-first day of December next 
preceding, together with such other information as the Insurance 
Commissioner may require, signed and sworn to as above directed. 

Sec. 8. If the Insurance Commissioner be satisfied with said cer- 
tificate, and if said company shall have complied with all other pro- 
visions of law, he shall thereupon issue his license to it to transact 
see actof 1886. business in this State for one year from the first day of April follow- 
ing, but no such license shall be issued unless such certificate is 
furnished. 



SURETYSHIP. *45- 

Sec. 9. No person shall act as agent of any such company until 
such company shall have complied with all the requirements of the 
laws of this State relating to such companies, and every person acting 
without such compliance shall be fined one thousand dollars. 

Sec. 10. The Insurance Commissioner, either personally or by a 
committee appointed by him, consisting of one or more persons not 
directors, officers or agents of any surety company, doing business in 
this State, may at any time examine into the affairs of any surety 
company incorporated by or doing business in this State. The 
officers or agents of such company shall exhibit its books to said 
commissioner or- committee, and otherwise facilitate such examina- 
tion, and the commissioner or committee may examine under oath the 
officers and agents of any such company in relation to its affairs ; and 
said commissioner shall, if he deem it for the best so to do, publish 
the result of such investigation in one or more newspapers published 
in this State. Whenever it shall appear to the Insurance Commis- 
sioner from the statement or from an examination of the affairs of any 
such company, that such company is insolvent or is conducting its 
business fraudulently, or refuses or neglects to comply with the laws 
of the State relating to such companies, it shall be the duty of said 
commissioner to revoke the certificate of authority issued to the agent 
or agents of any such company, and he shall cause notice thereof to 
be published in one or more newspapers published in this State, and 
the agent or agents of such company after such notice shall transact 
no further business in this State. All the expenses of an examination 
made under the provisions of this section shall be paid to the Insur- 
ance Commissioner by the company examined. 

Sec. 11. Every such company applying for admission to transact 
business in this State shall pay to the Insurance Commissioner for the 
use of the State, for filing copy of its charter or articles of association 
the sum of thirty dollars ; for filing statement preliminary to admis- 
sion and for filing each annual statement after admission, the sum of 
twenty dollars, and for each agent's certificate annually the sum of 
two dollars. 

Sec. 12. Every such company organized under the laws of any 
other State and admitted to transact business in this State, and each 
agent of every such company, shall pay the same fees and taxes to the 
treasurer of this State as are imposed by such other State upon any 
similar companies incorporated by or organized under the laws of 
this State or upon the agents of any such companies transacting busi- 
ness in such other State. 

Sec. 13. This act shall take effect from the date of its approval. 

Approved, April 22, 1885. 



46* GENERAL PROVISIONS. 

CHAPTER CXV. 

An Act relating to Printing the Annual Reports. 
Be it enacted by the Senate a?id House of Representatives in General 
Assembly convened : 

Section i . The comptroller shall annually cause to be printed, at 
the expense of the State, such number of copies of each of the follow- 
ing annual reports as is hereinafter stated : * . * * '* of the 
Insurance Commissioner, sixteen hundred ; * * * * 

Sec. 2. No person other than the comptroller shall authorize or 
contract for the printing of any reports made to the governor or 
general assembly. 

Sec. 3. The comptroller shall annually transmit to the town clerk 
of each town one copy of every report made to the governor and 
general assembly, which shall be kept on file in the office of the town 
clerk for public use, said copies to be bound together in two volumes. 

Sec. 4. All acts or parts of acts inconsistent herewith are hereby 
repealed. 

Approved,' April 23, 1885. 



CHAPTER X. 

an act concerning fees of the insurance commissioner. 
Be it enacted by the Senate and House of Representatives in General 
Assembly convened : 

Section 1. Section three of part nine, chapter one, title three of 
the general statutes (page 17) is hereby amended to read as follows: 
Said commissioner shall demand and receive the following fees from 
insurance companies : for receiving and filing annual reports, ten 
dollars; for valuation of policies of life insurance companies organ- 
ized under the laws of this State, one cent for each thousand dollars 
of insurance valued; for valuation of policies of life insurance com- 
panies organized under the laws of any other State admitted to 
transact business in this State, such rate for each thousand dollars of 
insurance valued as is imposed by such other State upon any similar 
insurance company organized under the laws of this State admitted 
to transact business in such other State; for filing any additional 
paper required by law, twenty-five cents ; and for every certificate of 
valuation, copy of report, or certificate of condition of company to 
be filed in any other State, five dollars. 

Sec. 2. This act shall take effect from the date of its approval, 
and shall apply to the valuation to be made of policies in force on 
the thirty-first day of December, 1885. 

Approved, February 24, 1886. 



GENEKAL PROVISIONS. *46& 

CHAPTER LXXXVI. 

AN ACT CONCERNING THE CANCELLATION OF INSURANCE POLICIES. 

Be it enacted by the Senate and House of Representatives in General 
Assembly convened : 

No insurance company or association shall cancel a policy issued 
against loss by fire on property in this State without giving the party 
insured at least five days' notice, in writing, of such intention, and a 
return of the ratable proportion of the premium for the unexpired 
term of the policy. 

Approved March 30, 1886. 



( 



CHAPTER LXXXVII. 

AN ACT CONCERNING THE DUTIES OF THE INSURANCE COMMISSIONER. 

Be it enacted by the Senate and House of Representatives in General 
Assembly convened : 

Section two of part nine, chapter one, title three, of the general 
statutes (page 17), relating to the Insurance Commissioner is hereby 
amended so that the same shall read as follows : Said commissioner 
shall have the powers and duties specified in chapter sixty-three of 
the public acts of 1879 (P a g e 396); shall see that all the laws respect- 
ing insurance companies are faithfully executed ; may employ clerical 
aid ; shall furnish to each of the insurance companies incorporated 
by this State and to the attorneys of companies incorporated by other 
States and foreign governments, doing business in this State, printed 
forms of the statements required by law; shall on or before the fifth 
of each month pay over all fees which he may receive during the 
month previous to the treasurer; and may administer oaths in the dis- 
charge of his official duties. 

Approved, March 30, 18S6. 



CHAPTER CXI. 

AN ACT CONCERNING LIFE INSURANCE COMPANIES. 

Be it enacted by the Senate and House of Representatives in General 
Assembly convened: 

Any life insurance company, organized by law in this State, may 
improve any real estate which it may have obtained by foreclosure, or 
otherwise, in conformity to law, whether said real estate is situate in 
this or in any other State. 

Approved, April 8, 1886. 



465* 



GENERAL PROVISIONS. 



CHAPTER CXIL 

AN ACT RELATING TO INSURANCE COMPANIES OF OTHER STATES. 

Be it enacted by the Senate and House of Representatives in General 
Assembly convened: 

Section ten of article one, chapter sixty-three of the public acts of 
1879 (P a S e 4°°) i s amended to read as follows, viz.: Any mutual fire, 
or fire and marine or mutual marine insurance company located in 
any other State of the United States, possessed of one hundred and 
fifty thousand dollars in cash, or securities invested in available cash 
assets, may be admitted to take risks and transact business in this 
State ; provided, it shall comply with all the other requirements of the 
laws of this State relating to such companies of other States; and pro- 
vided further, that similar companies of this State are admitted to 
transact business in such other State. 

Approved, April 8, 1886. 



CHAPTER CXIII. 



AN ACT CONCERNING LICENSES AND CERTIFICATES OF INSURANCE 

AGENTS. 

Be it enacted by the Senate and House of Representatives in General 
Assembly convened: , 

Section 1. All certificates or licenses issued by the Insurance Com- 
missioner of this State to companies or associations existing under 
the laws of any other State or foreign government, or to any agent of 
such company or association, between the first day of April and the 
first day of January, authorizing such company or agent to transact 
business in this State, shall expire unless the same be sooner revoked, 
as now provided by law, on the first day of April next following the 
date of such certificate or license. And all certificates or licenses 
issued as aforesaid, between the first day of January and the first day 
of April shall expire, unless the same be sooner revoked, one year 
after the first day of April. 

Sec. 2. The annual fee for a license, except to fire companies of 
foreign countries, shall be ten dollars, and for every agent's certificate 
two dollars, provided no greater fees are exacted for such certificates 
and licenses by other States from companies of this State that are ad- 
mitted to do business in such other States. 

Sec. 3. This act shall take effect from its passage, and all acts or 
parts of acts inconsistent herewith are hereby repealed. 

Approved, April 8, 1886. 



A DIGEST 



OF ALL THE REPORTED CASES RELATING TO 



FIRE, MARINE, LIFE, AND ACCIDENT 



nsrsuRA.]srcii 



DECIDED IN THE 



Supreme and Superior Courts 



STATE OF CONNECTICUT, 



AND IN THE 



UNITED STATES COURTS 



DISTRICT OF CONNECTICUT. 






CHAPTERS. 



I. Interests Insurable and Insured. 
II. The Application and Survey. 

III. Representations. 

IV. Execution of Policy. 

V. Warranties and Conditions: Breaches, and Waiver of 

Forfeiture. 
VI. Insurance Agents. 
VII. Assignment of Policy. 

VIII. Proofs of Loss and Measure of Damages. 
IX. Double Insurance. 
X. Actions. 

XI. Points Peculiar to Marine Policies. 
{a) Abandonment, 
(b) Barratry, 
(e) Deviation. 

(d) Open and Valued Policies, 
{e) Termination of Risks. 
XII. Accident Policies. . 

XIII. Life Policies. 

XIV. Winding up Insurance Companies. 



INSURANCE DECISIONS IN CONNECTICUT. *49 



I. Interests Insurable and Insured. 

i. Policies of Insurance, whether life, fire, or marine, axe contracts 
of indemnity only. 

Bevin v. The Conn. Mutual Ins. Co., 23 Conn., 251. 

2. Insurance after a fraudulent conveyance. In a policy issued by 
a mutual fire insurance company, it was provided that the charter and 
by-laws should be a part of the contract of insurance ; that the appli- 
cation of the insured should be held to be a warranty, and a part of 
the policy; and that the policy should be void, unless the true title 
and interest of the insured, and the amount and nature of all incum- 
brances, were expressed in the application. The plaintiff obtained a 
policy upon an application stating that he owned the property to be 
insured, and that he was incumbered to several to the amount of 
about $6,000. In fact, after mortgaging it for that amount, he had 
given sundry voluntary and fraudulent mortgages to a greater amount,, 
and then conveyed his remaining interest to his brother by an absolute 
but voluntary and fraudulent deed. The latter had no knowledge of 
this conveyance when made, but had subsequently accepted it, and 
agreed to reconvey on request. Held, that the policy was void, as 
the insured had no legal or equitable title which a court of justice 
could recognize in his favor. 

Treadway v. Hamilton Mutual Ins. Co., 29 Conn., 70, 71. 

3. An interest in the vessel and cargo gives an insurable interest 
in the profits of the voyage. 

Fosdick v. The Norwich Marine Ins. Co., 3 Day, 118. 

4. Life Policy. A advanced $350 to B, to be used in going to 
California and mining there for a year for their joint benefit. Held, 
that he had an insurable interest in B's life, and that a policy taken 
out upon it for $1,000 should be treated as a valued policy. 

Bevin v. The Conn. Mutual Life Ins. Co., 23 Conn., 252. 

5. Interest in brother' s life. The mere relationship of a brother is 
not such an interest as will support a policy of life insurance ; the 
interest required is one of a pecuniary nature. 

Lewis <v. Phoenix Mut. Life Ins. Co., 39 Conn., 104. 

6. Payable to appointee. The party who takes out a policy of 
insurance on his own life may have it made payable to his representa- 
tives, or to any appointee or assignee. 

Lemon v. Phoenix Mut. Life Ins. Co., 38 Conn., 303. 
D 



50* INSURANCE DECISIONS IN CONNECTICUT. 

7. Gift surrender. A party who had taken out a policy of insur- 
ance on his own life, in favor of another, and delivered it as a gift, 
without the latter's assent regained possession of it, surrendered it, 
and took out a new policy, similar in all respects except that it was in 
favor of a third -party. Held, that the donee of the first policy had 
an equitable right to the amount insured, upon the death of the 
donor, deducting whatever premiums he had paid on the second 
vpolicy ; these inuring to the benefit of the appointee in that policy. 

Lemon v. Phoenix Mut. Life Ins. Co., 38 Conn., 302. 

'&. Separate interest insured, by agreement, as joint. A, who owned 
a tannery, and B, who occupied it and owned the stock, united in 
applying to the defendants for insurance on both ; and the defend- 
ants' agent, .knowing all the facts, filled up and gave them a policy 
insuring them, as if joint owners of both tannery and stock. The 
defendants' charter, which was made a part of the policy, provides 
that no insurance shall be valid unless the insured has a perfect and 
unincumbered title to the property insured, or unless his true title and 
the incumbrances, if any, be specified in the policy. Held, that this 
provision was satisfied whenever, among all the persons insured under 
one policy, there was a perfect title, or a title encumbered only as 
stated in the policy ; that A and B were trustees, each for the other 
as respected the latter's interest, and therefore both had an interest in 
the whole property insured ; and that they might declare on the policy 
as joint owners, since the defendants had given them this description, 
and were, therefore, estopped from denying its truth. 
Peck v. The New London Mutual Ins. Co., 22 Conn., 583-585. 

9. A party having the equitable title to real estate, as one in pos- 
session under a contract for a deed, who has paid a part of the price 
and is liable for the balance, whose interest is vested and fixed, and 
on whom the loss would fall should the property be injured, has an 
absolute interest in it, and may cause it to be described as his, in a 
policy of insurance, which by its terms is to be void unless the inter- 
est of the insured, if not absolute, be expressed upon its face. 

Hough v. City Fire Ins. Co., 29 Conn., 19-21. 

10. The defendants insured one of their own members, in a policy 
referring to their charter as annexed and made a part of the contract. 
One provision of the charter was that no insurance should be valid 
unless, when effected, the insured had a good and perfect unincum- 
bered title to the property insured ; or unless his true title and the 
incumbrances, if any, were fully specified in the application and the 
policy. The plaintiff's property, before its insurance, had been mort- 
gaged; and the mortgage had not been paid till after the law-day, nor 



INSURANCE DECISIONS IN CONNECTICUT. *51 

had the mortgage title been released. Held, that the outstanding legal 
title in the mortgagee, not having been disclosed, invalidated the policy, 
at least in a court of law, as a perfect title must be one good both at 
law and in equity. 

Warner v. The Middlesex Mutual Assurance Co., 21 Conn., 448, 449. 

Lockwood v. Same, 47 Conn., 553. 

11. Whether the plaintiff's title could have been called "perfect," 
had he shown that the mortgagee was precluded by a parol estoppel 
from asserting his title against him or those claiming under him, 
Qucere. 

Warner v. The Middlesex Assurance Co., 21 Conn., 449, 450. 

12. Where a mortgagee applied for insurance through a local insur- 
ance agent, intending to procure an insurance of his mortgage interest, 
and so stating to the agent, but the agent drew the application as for 
an insurance on the property itself, in the name of the mortgagor and 
as his property, the amount to be payable in case of loss to the mort- 
gagee, and so made the application, and had the policy so made in 
the belief that such was the proper legal mode of effecting an insur- 
ance on the mortgage interest, it was held, that the mistake could be 
corrected by a court of chancery, whether it was one of law or of fact. 

Woodbury Savings Bank v. Charter Oak Ins. Co., 31 Conn., 529. 

13. The plaintiffs, being in possession of a railroad, as trustees 
under a second mortgage, procured insurance to "the trustees of" 
this mortgage, on "their" depot building, "occupied by them" in 
M. Soon afterwards, the first mortgage w^s foreclosed, but the de- 
cree adjudged that they had a lien for their services and advancements 
to the amount of $83,000, which was paramount to the first mortgage, 
and must be redeemed by the parties claiming under the latter. The 
depot having been burned, after the first mortgage trustee had con- 
veyed the road to a new corporation, formed by the bondholders, 
which had taken possession, under the foreclosure, but before the lien 
established under the decree had been paid. 

Held, that the insurers were discharged, under the provisions in 
the policy avoiding the insurance " if the property be transferred, or 
any change take place in the title or possession, whether by legal pro- 
cess, a judicial decree, or voluntary transfer or conveyance," or when 
the property has been sold and delivered, or otherwise disposed of, so 
that all interest or liability on the part of the insured has ceased. 

Bishop v. Clay Ins. Co., 45 Conn., 453-454. (Two judges dissenting, 456-462.) 

14. In an action at law on a policy to " the trustees of a" certain 
railroad mortgage, they cannot show by parol that it was intended to 



52* INSURANCE DECISIONS IN CONNECTICUT. 

insure the trustees personally for their personal interest accruing by- 
reason of advances made for the benefit of the trust estate. 
W- 455- 

15. A five years' lease is not an "incumbrance" on property in- 
sured within the meaning of that term, as used in the printed " pro- 
posals," especially if the policy describes the property as occupied by 
a tenant. 

Lockwood v. Middlesex Mutual Assurance Co., 47 Conn., 560. 

16. A sale, by one or two who are jointly insured, of his interest 
in the property, to the other, is not an "alienation by sale or other- 
wise," which will forfeit the policy. 

Lockwood v. Middlesex Mutual Assurance Co., 47 Conn., 564. 

17. Any person who has a legal or equitable interest in property, 
or is so related to it that an injury to it may cause him pecuniary loss, 
has an insurable interest therein. 

Spare v. Home Ins. Co. — U. S. C. C. — The Reporter, Vol. 15, p. 615. 

18. The right of the petitioners [trustees] to reimbursement from 
the property of the road for the advances which they had made, 
although one which the court would regard and protect, yet until it 
had been ascertained and defined by decree of the court, was too 
uncertain an interest to be insurable. 

Bishop v. Clay Ins. Co., 49 Conn., 167. 

19. When a fire insurance policy contains clauses excepting from 
the insurance "store fixtures," and "store and other fixtures," the 
words "store fixtures" mean store fittings, or fixed furniture, which 
are peculiarly adapted to* make a room a store, rather than something 
else. 

Store being the American word for shop, or warehouse, is never 
applied to a factory ; and fixtures in a shoe factory are not covered by 
the term "store fixtures," in a policy of insurance. 

U. S. Circuit Court — Thurston v. Union Insurance Co. of Philadelphia, 17 Federal 
Reports, 127. 

20. An insurance policy is a contract of indemnity, and, in the 
absence of anything to the contrary in the contract, * * * covers 
the entire proprietary interest of the assured. 

U. S. Circuit Court — Hedger v. Union Ins. Co., 17 Federal Reports, 498. 

21. The partnership must be considered as actually existing at the 
time of the fire, and as being one, not merely as to creditors of the 
firm, but as between the partners, constituting a community of inter- 
est in the stock of goods, that such a change of title was sufficient to 
render the policy void. 

Edward Malley v. The Atlantic Fire and Marine Ins. Co., 51 Conn., 222. 



INSURANCE DECISIONS IN CONNECTICUT. *53 

II. The Application and Survey. 

1. Any false and material statements in an application on which a 
policy is issued avoid it. 

Kelsey v. The Universal Life Ins. Co., 35 Conn., 238. 

2. An applicant for insurance is bound to make a full and frank 
disclosure of all facts material to the risk. 

Beebe v. The Hartford County Mutual Fire Ins. Co., 24 Conn., 63. 

3. If the applicant makes a general statement of all the material 
facts, he is not bound to go into details if unsolicited. 

Id. 63-65. 

4. Following advice of agent. Where a local agent of an insurance 
company advises applicants for insurance as to the form of making 
their applications or taking out their policies, he is treated in this 
State as acting as the agent of the company rather than of the 
applicant. 

Woodbury Savings Bank v. Charter Oak Ins. Co., 31 Conn., 526. 

5. And an agent of such an agent, employed to solicit and forward 
to him applications for insurance under a custom known to and ap- 
proved by the company, stands on the same ground, in this respect, 
with his principal. 

Id. 528. 

6. Misdescription. If one having an equitable interest in property, 
upon which he desires to effect an insurance, explains this interest 
fully to the local agent of an insurance company, and the latter then 
fills up an application, describing the property as simply belonging to 
the applicant, this description, if inaccurate, will not avoid the policy, 
provided the agent had authority to act as he did, which will be a 
question of fact for the jury : and the manner of its insertion may be 
proved by parol. Such description would be treated either as the act 
of the company or as assented to by it. 

Hough v. City Fire Jns. Co., 29 Conn., 21-23. 

7. Duty of applicant to see to form of applicatioti. An applicant for 
insurance who gives the local agent information from which to fill out 
a written application must not only in good faith answer all the inter- 
rogations correctly, but also use reasonable diligence to see that the 
answers are correctly written down. 

Ryan v. World Life Ins. Co., 41 Conn., 173. 

8. Fraud of agent. If the agent fraudulently writes down the 
answer incorrectly in order to induce the issue of a life insurance 
policy on a bad risk, and the applicant sign the application without 



54* INSURANCE DECISIONS IN CONNECTICUT. 

reading it, this is such negligence on the part of the latter as to make 
him chargeable with the mis-statement and avoid the policy. 
Id. 171-174. 

9. The rule that local agents in filling out applications act as the 
agents of the insurer and not of the insured^ is not an inflexible one, 
applicable to all cases. 

Id. 174. 

10. Explanations by agent. A local agent, authorized to procure 
applications for insurance and furnished with printed blanks therefor 
containing interrogatories addressed to the applicant, has implied 
authority to make all necessary explanations of the meaning and effect 
of the language of the interrogatories, and to agree with the applicant 
as to the terms which he shall employ to express his answers to them. 

Malleable Iron Works v. Phoenix Ins Co., 25 Conn., 474. 

11. A local agent of the defendants, in reading over to an appli- 
cant for insurance interrogatories contained in one of these blanks, 
read the question, ".Is a watch kept on the premises during the 
night? " to which the applicant replied that there was none; but that, 
from 9 o'clock p. m. to 12 there was a watchman in an adjoining 
building within the same enclosure, who would be apt to see if any- 
thing was wrong. The agent said that he should consider this man 
as a watchman till 12 o'clock, and wrote down the answer accord- 
ingly ; the applicant remarking that he did not know how it would be 
considered. Another interrogatory as to whether a watch-clock was 
kept, the agent did not read at all, but wrote "yes" opposite to it, 
thinking, though mistakenly, that he had seen One on the premises. 
A loss occurred, after which the defendants first learned that there 
was no watchman or watch-clock, and the insured first learned that 
the answers in his application were deemed incorrect. Held, on a 
bill in Equity, for a reformation of the contract of insurance, and a 
decree for the payment of the amount of the loss, that he was entitled 
to the relief sought. (The Chief- Justice dissenting.) 

Id. 473-474- 

12. It seems, that if one of the conditions of a fire policy is that 
the survey and description upon which it was issued shall be taken and 
deemed to be a part of the policy and warranty on the part of the 
assured, the representations in the description are thereby made 
warranties. 

The Glendale Manuf. Co. v. The Protection Ins. Co., 21 Conn., 35. 

13. A policy of life insurance contained a condition providing 
that "the statements in the application for this policy, and on the 



INSURANCE DECISIONS IN CONNECTICUT. *55 

faith of which it is issued, are in all respects true." Held, that this 
made such statements warranties. 

Kelsey v. The Universal Life Ins. Co., 35 Conn., 336. 

14. Whether a mere reference, made in the body of a fire policy, 
to the statements in the application and survey, turns into warranties, 
queer e. 

The Glendale Manuf. Co. v. The Protection Ins. Co., 21 Conn., 32-35. 

15. A policy of insurance by the defendants on a factory con- 
tained this clause: " Reference is had to survey No. 83, on file in the 
office of the Protection Insurance Company." This survey had been 
made with a view to insuring the same factory in the latter company, 
and contained a series of questions and answers relative to the em- 
ployment of a watchman in the factory, the mode of disposing of the 
waste, etc., and also to the description of the premises. Held, that 
this survey was as much a part of the defendant's policy as if set forth 
in it at length; that the plaintiff's answer in the survey, that they 
kept a watchman on duty every night, if not a warranty, was at least 
a representation material to the risk, and requiring a substantial per- 
formance ; and that parol evidence that it was inserted by mistake by 
the defendant's agent was inadmissible in an action on the policy. 

Sheldon v. The Hartford Fire Ins. Co., 22 Conn., 245-247. 

16. Night-watchman. One of the interrogatories in a survey on 
which a fire policy covering the plaintiff's mill was based, was this : 
'• Is there a watchman in the mill during the night ? Is there also a 
good watch-clock? Is the mill left alone, at any time after the watch- 
man goes off duty in the morning till he returns to his charge at 
evening?" The answer was as follows: "There is a watchman 
nights. No clock. Bell is struck every hour from 8 p. m. till it rings 
for work in the morning — only at meal times and on the Sabbath, 
and other days when the mill does not run." Held, that this was an 
exact, clear, and certain engagement to keep a watchman in the mill 
through the hours of every night in the week, from the close of the 
day's work till the commencement of the next. 

The Glendale Manuf. Co. v. The Protection Ins. Co., 21 Conn., 36. 

17. Held, that parol evidence that it was the plaintiff's usage, and 
that of the mill-owners of the vicinity generally, to have no watchman 
from midnight on Saturday till midnight on Sunday, and that this 
was known to the defendants when they issued the policy, was inad- 
missable ; and that, a loss having happened on a Sunday morning, 
while there was no watchman on duty, the defendants were not liable. 

Id. 36-40. 



56* INSURANCE DECISIONS IN CONNECTICUT. 

1 8. Night-watchman on Sundays. An applicant for insurance on 
a mill in another State stipulated to keep a watchman there on Sun- 
days. Held, that this, even if contrary to the Sunday laws of such 
State, was in the nature of a condition precedent, and that the in- 
surers here were discharged by an omission to perform it. 

Id. 40. 

19. Occupation of premises. A " survey," embraced in the appli- 
cation, contained the following interrogatory : " How are the several 
stories occupied?" which the applicant has answered as follows: 
" Unoccupied, but to be occupied by a tenant." The policy con- 
tained the following condition : " When a policy is issued upon a 
survey and description of the property, such survey and description 
shall be deemed to be a part of the policy, and a warranty on the part 
of the assured." Held, the answer was not to be considered as a 
stipulation that the house should be occupied by a tenant, but as a 
reservation on the part of the applicant of the right to have it so oc- 
cupied, and so expressed in order to avoid the inference that it was to 
remain unoccupied. 

Hough v. The City Fire Ins. Co., 29 Conn., 23. 

20. Policy issued differing from that applied for. The defendant 
wrote to the plaintiffs, inquiring at what premium they would take a 
risk on 26 horses and 20 oxen for a specified voyage; to which they 
answered, at 15 per cent., no partial loss to be paid under 10 per cent. 
The defendant wrote back that he accepted their terms, and wished a 
policy filled, viz.: 

On 26 horses valued at $2,200 

and on 20 oxen valued at 800 



$3,000 — at 15 per cent. $450. 

A note for the premium of $450 was enclosed. The plaintiffs filled 
out and returned a policy for $3,000, on 46 head of horses and oxen 
valued at $3,000, no partial loss to be paid under 10 per cent.; but 
the defendant refused to accept it. Held, that the policy applied for 
by the defendant was one in which the horses and oxen should be 
separately valued ; that this application was not answered by the 
policy sent ; and consequently, that no contract of insurance was ever 
made, and the premium note was not obligatory. 

Ocean Ins. Co. v. Carrington, 3 Conn., 361, 362. (Two judges dissenting, 365- 
368. 

21. The charter of a mutual fire insurance company provided that 
no insurance effected by the company should be valid unless the in- 
sured had a good unincumbered title thereto, or unless his true title 



INSURANCE DECISIONS IN CONNECTICUT. *57 

and the incumbrances were fully disclosed and specified in the policy. 
Held, to be enough if the title was actually good, although apparently 
defective on the records. 

Lockvvood v. Middlesex Mutual Assurance Co., 47 Conn., 556. 

22. The property having been burned, A recovered a verdict. 
Held, that there was no ground for a new trial, as substantial justice 
had been done. 

Ibid. 

III. Representations. 

1. A representation precedes and is no part of the contract of 
insurance, and need be only materially true ; a warranty is a part of 
the contract and policy, and must be exactly and literally fulfilled, or 
else the contract is broken, and the policy becomes void. 

The Glendale Manuf. Co. v. The Protection Ins. Co., 21 Conn., 32. 

2. In effecting an insurance of $6,000 on the profits of a return 
voyage, the owner informed the insurers that he expected, from the 
advices he had received, that the ship would return with a cargo worth 
$25,000. Held, that the policy was not impaired by the fact that the 
avails of the outward cargo in fact only sufficed to purchase a return 
cargo worth $9,000. 

Fosdick v. The Norwich Marine Ins. Co., 3 Day, 118. 

3. Whether false information as to a material point, volunteered, 
without any inquiry being made, ought not to invalidate a policy, 
although the misrepresentation relate to matter covered by a warranty, 
quozre. 

Bulkley v. The Protection Ins. Co., 2 Paine, 84-89 (U. S. Circuit Court). 

4. Representations wholly in writing, the question as to their con- 
struction is one wholly for the court. The policy was not saved by 
the fact that the fire had commenced and was smouldering unobserved 
when the tenant moved out. The refusal of a court to grant amotion 
for non-suit is not reviewable on application of the defendant. He 
can only go on with the trial and submit his case to the jury. 

Benjamin F. Bennett v. Agricultural Ins. Co,, 51 Conn., 504. 



IV. Execution of Policy. 

1. Irregularity. Practice. A policy of insurance, executed by a 
corporation, not as directed in its charter, but according to its settled 
course of practice, may be obligatory upon it. 

Bulkley v. The Derby Fishing Co., 2 Conn., 253. 



58* INSURANCE DECISIONS IN CONNECTICUT. 

2. No contract. An insurer agreed to foiwafd a policy of life 
insurance to C, and C agreed that, if its terms were as arranged 
between them, he would pay the premium; otherwise return the 
policy, which was not to take effect till the premium was paid. The 
policy was duly forwarded by mail, but returned by the postmaster as 
not called for, shortly after which C died. The insurer having no 
notice of C's death, then forwarded it to one of his family to hand to 
him. Held, that no contract of insurance was ever made. 

Rogers v. Charter Oak Life Ins. Co., 41 Conn., 106-107. 

An oral agreement by an insurance agent to take $5,000 upon mill 
property is not a completed contract of insurance, if there was to be 
an apportionment between real and personal estate, and none had 
been made when the property was destroyed by fire. 

Kimball v. Lion Ins. Co. 

Kimball v. Meriden Fire Ins. Co., U. S. Circuit Court, 17 Federal Reports, 625. 

3. When parol contract valid, and policy reformed. An insurance 
company can not ordinarily insure by parol. But the parties may 
agree by parol as to the terms of a policy to be issued, and if the 
policy, as written, is by mistake materially different from the parol 
agreement, a Court of Equity may correct it. 

Bishop v. Clay Ins. Co., 49 Conn., 167. 



V. Warranties and Conditions : Breaches and Waiver of 

Forfeiture. 

1. Any statement, description, or undertaking on the part of the 
assured, which appears on the face of a, policy of insurance and 
relates to the risk, is a warranty; and this equally, whether declared 
to be such in terms, or ascertained to be such by construction. 

Wood v. The Hartford Fire Ins. Co., 13 Conn., 544. 

2. In either case it is an express warranty, and must be strictly 
observed and kept, or the insurance is void. 

Ibid. 

3. A warranty excludes all argument as to its reasonableless or 
the probable intents of parties; and any breach of it, though for the 
advantage of the insurer, or occurring without the consent or fault of 
the insured, will avoid the policy. 

Id., 544-545- 

4. In a policy of insurance upon "the paper mill in W., owned 
by" the insured, "together with the machinery, wheels, gearing, 
etc.," there appeared among the conditions of insurance, in the mem- 



INSURANCE DECISIONS IN CONNECTICUT. *59 

orandum clause, an enumeration of certain property, including paper 
mills, which would be insured at special rates of premium. Held, 
that the description of the property insured as a paper mill related to 
the risk, and was therefore a warranty. 
W., 545- % 

5. During the term of the policy, and before the loss, the use of 
the building as a paper-mill was discontinued, and a pair of grind- 
stones were put in the place before occupied by the rag-cutter and 
duster, and used for grinding grain, being moved by the old gearing 
and water-wheel. In all other respects the mill and its machinery 
were left as before. The loss was not caused by this change in the 
use of the mill; and the risk, although thereby made greater than if 
the mill had been closed, was not greater than if it had been kept in 
use as a paper-mill. The policy, by its terms, was to be inoperative, 
if without consent, etc., the building should be appropriated for carry- 
ing on any trade denominated hazardous or extra-hazardous. Grist- 
mills were not included in this denomination, but were specified in 
the memorandum clause as insurable at special rates. Held, 1. That 
the warranty was not broken ; 2. That the increase of hazard did not 
invalidate the policy on account of the stipulation above mentioned. 

Id., 546. 

6. A warranty relates to the risk if it defines, or in any respect 
limits, it. 

Id., 545. 

7. Description of premises — Uses ?nade of them. A policy of insur- 
ance on several barns upon a farm, after a description of them, con- 
tained this clause: " All the above described barns are used for hay, 
straw, grain unthreshed, stabling and shelter." Held, 1. That this 
was not a warranty that they should be thereafter used for those pur- 
poses solely, but merely a description of the building, or, at most, a 
warranty that they were used in that manner at the date of the policy, 
and that the assured had a right to use the barns as barns are com- 
monly used by farmers. 

Billings v. Tolland County Mutual Fire Ins. Co., 20 Conn., 144. 

8. Held, therefore, that the insured was not precluded from a 
recovery because he had placed some boards for flooring a room in 
his house in one of the barns, the building having been afterwards 
thoroughly cleaned out before the fire ; nor because at the time of the 
fire there were, in another of the barns, where they had been placed 
shortly before, a large tub containing lime and water, intended for 
use in preparing his seed wheat for planting, and a small quantity of 
oil, white lead, and mixed paint, intended for use in painting his 



1 



60* INSURANCE DECISIONS IN CONNECTICUT. 

house, since the acts, although they might have produced the loss, 
were such as are often done by farmers in the common and ordinary 
use of their barns. 
Id., 145, 146. 

9. Whether a single act or so, in the use of buildings insured, 
which did not belong to the ordinary and appropriate use of buildings 
such as they were described as being in the policy, would defeat a 
recovery for a loss, unless such acts were fraudulent or grossly careless, 
and, if grossly careless, were also the cause of the loss, qucere. 

Id., 144, 145. 

Where the policy stipulated that if the premises should be so occu- 
pied or used as to increase the risk, without the assent of the company, 
the policy should become void ; and the policy permitted the use of 
naphtha in the business, but with no fire or lights in the building 
except a stove in the office; and assured, without consent of the com- 
pany, placed a stove in the finishing room, where was frequently 
stored inflammable naphtha gas. Held, that this was an increase of 
the risk which avoided the policy. 

Daniels v. Equitable Ins. Co., 50 Conn., 551. 

10. Temporary use of part of mill for repairing its machinery. An 
insurance was made on a building "occupied as a manufactory of hat 
bodies, and on the privilege for all the process of said business, and 
on machinery contained in said manufactory." One of the condi- 
tions was, that, in case the property insured should be used for the 
purpose of exercising therein any trade or business denominated extra- 
hazardous, or of storing therein any of the articles denominated extra 
hazardous, then and from thenceforth, so long as the same should be 
so used, the policy should cease and be of no force or effect. During 
the term, a room in the factory was used as a carpenter shop, for the 
repairing of necessary machinery of the factory ; but this use had 
ceased before the fire, although boards and other materials were left 
and remained there until the fire. Among goods and occupations 
denominated extra-hazardous were "carpenters in their own shops, or 
in buildings erecting or repairing." Held, that the insured had a 
right thus to repair his machinery, as a part of "the privilege for all 
the process of said business;" that the boards, etc., were not to be 
treated as extra-hazardous; and that the policy, if inoperative by 
reason of doing carpenter work not within the privilege in question 
during the time while such work was in progress, became operative 
again when such work ceased. 

Loundsbury v. Protection Ins. Co., 8 Conn. 467, 468. 



INSURANCE DECISIONS IN CONNECTICUT. *61 

ii. An applicant for insurance stated that the premises were 
unoccupied, but engaged that they should be occupied by a tenant. 
Held, that he was entitled to a reasonable time for the performance of 
this engagement, and that it was for the jury to say whether such a 
time had elapsed, a loss having occurred in September, and the policy 
having been issued in January, but the applicant having offered evi- 
dence of unsuccessful efforts to let the property during this interval. 

Hough v. City Fire Ins. Co., 29 Conn., 24. 

Vacancy. A policy upon a dwelling house provided that "if the 
dwelling house shall cease to be occupied as such, then this policy 
shall cease and be of no more effect." The house was described in 
the application as occupied by a tenant, and was so occupied when 
the insurance was made. The tenant left the house, taking away all 
his furniture, about six o'clock on a certain evening, and the house 
burned about 2 o'clock the next morning. Held, that the non- 
occupation avoided the policy. 

Warranty. The policy provided that all statements in the appli- 
cation should be " warranties on the part of the assured." The appli- 
cation overstated the number of acres in the farm, and the value of 
farm and dwelling, according to the weight of evidence. Held, that 
the parties had made these matters material, and that they must be so 
regarded whether they related to the risk or not; and that if the 
answers were not true, there could be no recovery. 

Bennett v. Agricultural Ins. Co., 50 Conn., 420. 

12. Proviso. Ambiguity. Special provisos or exceptions in poli- 
cies of insurance must be couched in clear terms, and not so as to 
mislead the insured ; and where terms will rationally permit it he can 
claim a construction favorable to himself. 

Boone v. ^Etna Ins. Co., 40 Conn,, 586 (U. S. Circuit Court.) 

13. Military power. During the late civil war, the rebels being 
on the point of capturing a city held by the U. S. troops, the com- 
mandant of the latter, in order to prevent certain military stores from 
falling into the enemy's hands, set fire to the building in which they 
were deposited, whereby another building was also consumed, in 
which were goods insured by a policy expressly "excepting losses 
happening by means of any insurrection or civil commotion or of any 
military or usurped power." Held, that the loss was not within the 
exception, the fire being voluntarily set to the first building, arid not 
under any physical necessity, and, therefore, not being due to the 
insurrection. 

Boone v. Mfcaz. Ins. Co., 40 Conn., 579-80 (U. S. Circuit Court.) 



62* INSURANCE DECISIONS IN CONNECTICDT. 

14. Held, also, that "military or usurped power" referred only 
to an invading or insurrectionary force, and therefore did not touch 
a case of fire caused like this by rightful military orders of the com- 
mandant of the national forces. 

Id., 528-86 (U. S. Circuit Court). 

15. Marine Policy. Protection for neutral ship. A policy on an 
American vessel, issued in the war of 181 2, for a voyage to a neutral 
port, contained a warranty that she should be furnished with a pass- 
port from Admiral Sawyer in the usual form. Held, that this required 
a license of such a form as should purport to protect the ship and cargo 
and that a passport protecting such a ship, "laden with flour and 
other dry provisions," was insufficient (the cargo on board being 
partly of pork and beef, though principally of flour), without proof 
that this was the only form of passports from Admiral Sawyer, and 
that according to the usage of me'rchants, such an one was used in all 
cases, whatever might be the cargo; or that the insurers knew. that 
the vessel sailed with both wet and dry provisions. 

Bulkley v. The Derby Fishing Co., 1 Conn., 577, 583. 

(One judge dissenting, on the ground that the warranty was broken, 
and that no explanation could relieve against the breach, 583.) 

1 6 . There is an implied warranty of seaworthiness in a time policy 
of insurance, in the same manner as a voyage policy. 

Hoxie v. Home Ins. Co., 32 Conn., 41-46. » 

17. Evidence. In determining what degree of seaworthiness is 
implied warranted in a policy, the amount of the premium paid is not 
a circumstance to be considered. 

Id., 47. 

18. Notice of Unseaworthiness. Where insurers have retained and 
appropriated the premium on a vessel insured, and treated the policy 
as in force, knowing the vessel to have been unseaworthy when insured, 
and the insured has thereby been induced to rely on the policy as in 
force, they are estopped, after a loss, from claiming that the policy 
did not attach by reason of unseaworthiness. 

Id., 39. 

19. But they must have had actual knowledge, not simply reason- 
able means and opportunity, for ascertaining the facts. 

Id., 40. 

20.' Fraud in the master, in procuring the loss of the vessel is bar- 
ratry j though he be a part owner, as such is a peril insured against, 
unless assented to by the other owners or the insured. 

Id., 38. 



INSURANCE DECISIONS IN CONNECTICUT. *63 

21. Waiver. Conditions in the policy inserted for the exclusive 
benefit of the insurer may be waived by them ; and such a waiver, or 
any " estoppel in pais " may be shown by the insured in an action at 
law on the policy. 

Couch v. City Fire Ins. Co., 37 Conn., 249. 

22. Waiver before execution of policy. Parol evidence. One whose 
life was insured by a policy providing, that he might go to California 
by sea and reside there, on paying an additional annual premium, told 
the insurers before they executed the policy that he intended to go in 
part by land, via Vera Cruz, and did so, arriving safely, and paying 
the extra premium for three years, when he died. Held, that, con- 
sidering this as a breach of warranty, it must be treated as waived or 
overlooked by the defendants, and that all these circumstances might 
be proved by parol. 

Bevin v. The Conn. Mut. Life Ins. Co., 23 Conn., 254. 

23. Where property was insured to the amount of $200, and after 
the policy claimed to have been forfeited by the introduction of new 
elements of risks, the company with full knowledge of the facts, by 
an indorsement on the policy, added $100 to the risk on the same 
property, and in the indorsement stated the whole risk, as thus 
increased, to be $300; it was held that the forfeiture, if there was any, 
was waived by the company. 

Rathbone v. City Fire Ins. Co., 31 Conn., 209. 

24. Where the condition was that the insurance should be void if 
articles denominated "hazardous" should be stored in the building 
without the consent of the company indorsed on the policy, and the 
agent of the company consented to the removal of the property to 
another building in which such hazardous articles were stored, and 
agreed to make whatever entry was necessary on the policy to con- 
tinue it in force, notwithstanding such storage, and took and retained 
the policy for the purpose, it was held, that the agreement of the 
agent was a waiver by the company of the condition which required 
such written indorsement of consent until such indorsement should 
be made. 

Id., 210. 

25. Held, also, that the insured might show, by parol evidence, 
what representations he made as to the condition of the building 
to which the property was removed. These oral representations are 
not to be regarded as coming into conflict with the written repre- 
sentations of the policy. The latter pertain to the risk as it stood 
before the removal of the property, the former to the risk as it 
existed after the removal. 

Id., 204. 



64* INSURANCE DECISIONS IN CONNECTICUT. 

26. Double insurance. The charter of a fire insurance company 
provided that "if there shall be any other insurance upon the whole 
or any part of the property insured by any policy issued by said com- 
pany, during the whole or any part of the time specified in such 
policy, then every such policy shall be void, unless such double in- 
surance shall exist by consent of said company, indorsed upon the 
policy under the hand of the secretary." Held, that the provision 
was of such a character that it could not be waived by the insurers, 
and that it was not competent to prove their consent to double in- 
surance by any other evidence than an indorsement of such consent 
upon the policy under the hand of the secretary. 

Couch v. City Fire Ins. Co., 38 Conn., 184-187. 

27. Notice of transfer. Property insured under a policy, con- 
ditional to be void in case of any assignment of the property, was 
assigned to the plaintiff, who informed the local insurance agents, and 
requested them to have whatever was necessary to protect his interests 
done. They indorsed in pencil on the policy, "Loss, if any, payable 
to Charles Batclielor, transfer," and forwarded it to the home office, 
from which it was returned to the plaintiff with these words, except 
the last, written in the body of it in ink, and U. S. revenue stamps 
amounting to fifty cents affixed to it, which were required only in 
case of a renewal. Held, that the company had notice of the transfer 
of the property, and waived the condition. 

Batchelor v. People's Fire Ins. Co., 40 Conn., 23. 

28. Accepting premium after forfeiture. A provision in a life 
policy that, in case the annual premiums should not be paid in ad- 
vance, the policy shall cease and determine, being for the sole benefit 
of the insurers, may be waived by them ; and accepting the premium 
after the day fixed for its payment has elapsed, is such a waiver upon 
which the policy will be revived, and continue obligatory on its 
original terms. 

Bouton v. The American Mut. Life Ins. Co., 25 Conn., 550. 

29. A custom on the part of an insurance company to allow 
premiums to be paid after the day, without claiming a lapse, will not 
justify a finding that it waived a lapse, by receiving payment after the 
death of the insured, when ignorant of the death. 

Lewis v. Phcenix Mut. Life Ins. Co., 44 Conn., 89-90. 

30. "A life insurance company which was in the habit of notifying 
policy-holders when their next premium would fall due, and its amount, 
sent to one of them a notice in which the amount was unintentionally 
stated erroneously. Held, that this did not excuse the assured from 
paying the proper amount, on the day required, if he could have 
ascertained it by due diligence. 

Id., 90-91. 



INSURANCE DECISIONS IN CONNECTICUT. *65 

31. A premium accruing before the death of the insured was paid 
after the death, and kept by the company. Held, that it was error 
to charge the jury that if the company kept it, knowing the facts, it 
was estopped from claiming a lapse, without also directing them to 
inquire particularly as to whether the company knew of the death 
when it received the money, and whether a waiver was intended. 

Id., 91-92. 

32. A premium partly in cash and partly in notes was not paid 
when due, but afterwards the cash was paid without giving any notes. 
Held, that the policy lapsed, unless the company waived or prevented 
the giving of the notes. 

Id., 92. 

33. If the insurers wrongfully refuse to accept an annual premium, 
on the mistaken ground that the policy has lapsed, and notify the 
insured that the policy is void and they will not continue it in force, 
this will not raise any implied promise to refund the premiums re- 
ceived, or pay the surrender value of the policy. 

Day v. Conn. General Life Ins. Co., 45 Conn., 490-492. 

34. It seems that the insured in such a case may elect to consider 
the policy as at an end, when he may recover its equitable and just 
value, on the ground of a mutual recision, or may bring an equitable 
action to have the policy adjudged to be in force, or, perhaps, may 
wait till the expiration of the life insured, and then sue on the express 
contract, alleging a tender and refusal of premium. 

Id., 498. 

35. If insurers take a note for a premium due, and give a receipt 
as for a renewal of the policy, unless the company agree to accept the 
note as payment, the policy lapses if the note is not paid at maturity, 
it being considered as only an extension of time of payment j but, if 
the company took it as payment, the policy continues in force until 
the next premium falls due. 

Wilmot v. The Charter Oak Life Ins. Co., 46 Conn., 483. 

36. If insurers attempt to cancel such policy it remains in force, 
notwithstanding such attempted cancellation, until the expiration of 
the renewal, unless the recision be consented to by the parties insured 
before that day. 

Id. 

37. If they did not assent and notify the insurers of such assent 
within a reasonable time, and before the next premium became due, 
the policy remained in force and became forfeited for non-payment 
of the new premium. 

Id. 

E 



66* INSURANCE DECISIONS IN CONNECTICUT. 

38. It seems that if property insured as occupied by a tenant is 
left vacant, and continues so, this is not necessarily to be regarded as 
an increase of risk within the control of the landlord. 

Id., 561, 562. 

39. The performance of the conditions in a policy is no part of 
the consideration, unless so expressly declared. 

Lockwood v. Middlesex Mutual Assurance Co., 47 Conn., 557. 

40. A recorded mortgage which has been barred by the statute of 
limitations, does not prevent the title of the insured from being re- 
garded as " good and perfect." 

Lockwood v. Middlesex Mutual Assurance Co., 47 Conn., 558-559. 

41. The rule that equity will not aid to enforce a forfeiture or 
divest an estate for breach of covenant or condition, does not apply 
to the cancellation of a policy of insurance on the life of a living 
person, who has broken its conditions. 

Conn. Mut. Life Ins. Co. v. Home Ins. Co., 17 Blatchf., 146, 147 (U. S. Circuit 
Court). 

42. A marine policy of insurance was issued on a vessel "to be 
employed in the coasting trade of the United States Atlantic coast ; 
permitted to use Gulf ports not west of New Orleans," in which the 
assured warranted not to use places and ports in Texas, except Gal- 
veston, nor foreign ports, or places in the Gulf of Mexico. 

The vessel was lost in the Gulf of Mexico, west of New Orleans, 
while on a voyage from Maine to Morgan City, Louisiana, a place 
west of New Orleans. 

Held : 1. That the meaning of the policy is that the vessel was 
to be employed on the United States Atlantic coast, which was the 
coast of the Atlantic Ocean, and not the Gulf of Mexico. 

2. That the permission to use Gulf ports not west of New Orleans, 
did not extend the coasting trade through the Gulf, and the vessel 
was therefore upon a voyage not permitted by the terms of the policy, 
and the assured could not recover. 

New Haven Steam Sawmill Co. v. Security Ins. Co. Fed. Rep., Vol. VII. 

43. The neglect of the plaintiffs to notify the defendants of the 
increased risk from the erection of the warehouse rendered the re- 
newal of the insurance void. The policy gave the plaintiffs permis- 
sion "to make additions, alterations and repairs." The new build- 
ing could not properly be called an addition to the factory, although 
connected with it by a bridge and underground passage. 

The Peoria Sugar Refining Co. v. The Peoples Fire Ins. Co. United States 
Court for the District of Connecticut, Sept. 10, 1884, 52 Conn., 581. 



INSURANCE DECISIONS IN CONNECTICUT. *67 

44. The failure of a person insured to comply with a promissory 
representation as to his future conduct in a matter relating to the in- 
surance, made without fraud, and not incorporated in the policy, is 
not ground of defense against a recovery on the policy. 

The Prudential Assurance Co. v. The iEtna Life Ins. Co. United States Circuit 
Court for the District of Connecticut, April 14, 1885, 52 Conn., 576. 



VI. Insurance Agents. 

1. When the agent of the applicant. Where a local agent of a fire 
insurance company, authorized to receive and forward applications 
for insurance, and instructed by the company to consider himself, in 
so doing, the agent of the applicant, rather than of the company, 
neglects to communicate to the company material facts disclosed to 
him by an applicant, and the company consequently issues a policy 
in ignorance of these facts, his neglect is not chargeable to the appli- 
cant, unless he is also acting as the agent of the applicant; and his 
instructions from the company do not make him such if unknown to 
the applicant. 

Beebe v. The Hartford County Mutual Fire Ins. Co., 25 Conn., 62. See Wood- 
bury Savings Bank v. Charter Oak Ins. Co., 31 Conn., 226. 

2. Agent himself insured. Countersigning receipts. One N. took 
out a policy of insurance upon his life, in the name and for the benefit 
of his wife, in an insurance company of which he was and for years 
had been a local agent. After his death there were found among his 
papers two printed renewal receipts, in the usual form, signed by the 
company, and each certifying that the policy was continued in force 
for one year, but providing that it (the "certificate receipt ") should 
not be valid or binding on the company until the premium should be 
paid, and the receipt countersigned by it. Neither of the receipts 
was countersigned by it. Held, that the parties could not have in- 
tended that they should be, and that the receipt for the last year was 
prima facie evidence of the payment of the premium. 

Norton v. Phoenix Mut. Life Ins. Co., 36 Conn., 506-509. 

3. Fraud. The plaintiff insured for his own benefit the life of his 
brother in the defendant company, upon the representation of its 
agent that their relationship was a sufficient interest. The agent ad- 
vanced a large part of the premium and agreed to take the policy 
himself at its cost and interest at any time within three years if re- 
quested; in consideration of which he was to receive ten per cent, of 
the insurance, if paid by the defendants in case the person whose life 
was insured should die within that period. The latter had no knowl- 



68* INSURANCE DECISIONS IN CONNECTICUT. 

edge of the insurance, and was not examined by a physician, as the 
rules of the company required. The defendant afterwards ascertained 
these facts and repudiated the policy. Held, that the plaintiffs could 
not maintain an action against them for the premium paid; his pri- 
vate contract with the agent being with respect to them fraudulent in 
law, although he was innocent of actual fraud. 
Lewis v. Phoenix Mut. Life Ins. Co., 39 Conn., 102. 

4. Held, also, that the plaintiff, on the faith of the agent's repre- 
sentations, having answered yes to a question, in the application for 
the policy, whether he had an interest in the life to be insured, to the 
full amount applied for, was estopped from claiming a return of the 
premium on the ground that the policy was void, and so that there 
was a want of consideration. 

Id., 105. 

5. Neglect to read application. Fraud. If the local agent, in 
filling out an application, fraudulently writes down the answer incor- 
rectly in order to induce the issue of a life insurance policy on a bad 
risk, and the applicant sign the application without reading it, this is 
such negligence on the part of the latter as to make him chargeable 
with the misstatements and avoid the policy. 

Ryan v. The World Life Ins. Co., 41 Conn., 171-174. 

6. Insurance of forbidden risk. A local insurance agent, instructed 
to take no risks on mortgage interests, took such a risk ; the mort- 
gagee having no notice of his want of authority. Held, that the 
policy was valid. 

Woodbury Savings Bank v. Charter Oak Ins. Co., 31 Conn., 529. 

7. Secretary de facto. The defendants' charter provided that all 
policies should be void whether the insured had other insurance in 
another company, unless it was with the consent of the directors, sig- 
nified by an indorsement on the policy made and signed by the sec- 
retary, in pursuance of an order by the directors. The plaintiff had 
taken out other insurance, the consent of the defendants being in- 
dorsed on his policy over the signature of " L," agent. Held, that 
he might prove, by parol, that L was the defendants' local agent, and 
was authorized, by their practice, to grant and indorse such licenses ; 
that the defendants would be bound by such practice ; and that the 
jury might find that L was, as to these licenses, a secretary of the 
company. 

Peck v. The New London Mut. Ins. Co., 22 Conn., 586. 

8. Agreement to assume payment of premium. A bona fide agree- 
ment between a local agent and the insured, that the agent shall 
become personally responsible to the insurers for the amount of the 



INSURANCE DECISIONS IN CONNECTICUT. *69 

premium, and the insured shall become his personal debtor therefor, 
constitutes a payment of the premium, as between the insured and the 
insurers. 

Bouton v. The American Mutual Life Ins. Co., 25 Conn., 555. 

9. A local agent of the defendant company agreed with C, that 
if he would insure his life in the company, he, the agent, would pro- 
vide for the cash part of the premium himself, and it should be con- 
sidered as paid ; that the note for the balance might be given after- 
wards; that the insurance should be regarded as effected as soon as 
the defendant accepted the proposals; and that the policy should be 
made out afterwards, but dated back. The insured signed a collateral 
paper, not a part of the proposals, providing that the insurance should 
not be binding until the company or its agent received the premium. 
Held, that this agreement by the agent might be proved by parol, and 
showed the mode of payment permitted by the defendant in this 
instance; and that, the jury having found that the agent was author- 
ized to make it, the company were answerable for the amount of the 
insurance upon C's death before anything further was done by him. 

Sheldon v. The Conn. Mut. Life Ins. Co., 25 Conn., 219-222. 

10. Waiver. As to the implied power of local agents to waive 
compliance with certain provisions of the policy, see 

Id., 221. 

11. As to whether a local agent can waive the non-payment of a 
premium, on the proper day, see 

Lewis v. Phoenix Mut. Life Ins. Co., 44 Conn., 89-90. 

12. Evidence of intent to waive. Conversation. A local insurance 
agent, being informed by the insured of a breach of the condition in 
a policy, wrote a brief memorandum of it to the home office, when an 
indorsement was made on the policy, which, on its face, might or 
might not amount to a waiver of the condition. Held, that in deter- 
mining whether it was a waiver, evidence was admissible of the con- 
versation between the insured and the agent, in consequence of which 
the memorandum is written. 

Batchelor v. Peoples Fire Ins. Co., 40 Conn., 61. 

13. Goods insured under a policy conditioned to be void if they 
were stored in any building in which hazardous articles were kept, 
were afterwards removed from the building where they were when 
insured, into another containing hazardous articles, with the consent 
of the agent of the insurers, who knew all the facts, and indorsed on 
the policy their permission for the removal. Held, that this created a 
new contract, to which the above-mentioned condition of the original 
policy did not apply, or in which it was waived. 

Rathbone v. City Fire Ins. Co., 31 Conn., 208. 



70* INSURANCE DECISIONS IN CONNECTICUT. 

14. Waiving punctual payment. Life policy. A provision in a life 
policy that it shall not be binding till countersigned by W., agent, and 
delivered, and the advance premium paid, gives W. no power to accept 
the payment of a subsequent annual premium after the day when it 
became payable, and thus waive a forfeiture. 

Bouton v. The American Mut. Life Ins. Co., 25 Conn., 551-555. 

15. An agent has no vested interest in premiums thereafter to be 
collected on policies issued through his agency as could not be 
affected by his justifiable removal from office. A provision in his 
contract with the insurance company, that he may dispose of his 
agency to others, did not secure his right to the future premiums as 
against all other modes of terminating his agency. The agent is 
liable for that portion of the deficit which was caused by the failure 
of his sub-agents to pay over to him moneys that they had received. 
The sureties were also liable for such moneys in the hands of his sub- 
agents. 

The Phoenix Mut. Life Ins. Co. v. Gideon E. Holloway and others, 51 Conn., 310. 



VII. Assignment or Bequest of Policy. 

1. Bequest. Wife. A man insured his wife's life "for his benefit,' * 
and died before her, leaving her the legatee of all his residuary estate, 
"both real and personal, in whatever it may consist, or wherever 
situated." Held, that, upon her death, the policy must be paid to 
his executor for the benefit of her representatives. 

Keller v. Gaylor, 40 Conn., 348. 

2. The policy provided that if the testator died before his wife, 
the money, upon her decease, should be payable to their children. 
They had no children. Held, that he had a vested and devisable 
interest in the policy, subject to be divested by the birth of a posthu- 
mous child. 

Ibid. 

3. Subsequent assignment of the property insured. The assignee of 
a policy of fire insurance, assigned with the consent of the insurer, 
cannot recover in case of a loss, if, before that event, the property 
was conveyed by the insured to a third party. 

Birdsey v. The City Fire Ins. Co., 26 Conn., 169. 

4. And this although the assignee received the assignment as 
security for a debt, and neglected to take other security which he 
might have had, because he relied on this as valid ; and the subse- 



INSURANCE DECISIONS IN CONNECTICUT. *T1 

quent conveyance by the insured was fraudulent; and the assignee 
attached the property for his debt after such conveyance, in a suit 
pending at the time of the loss. 
Id., 170-171. 

5 . A policy of insurance on the life of a husband was made payable 
to the wife for her sole use, and, in case of her death before his, to be 
paid to her children — a statute authorizing a husband to effect such 
an insurance and protecting it from his creditors. The wife died 
before the husband. Before her death she made an absolute assign- 
ment of the policy for a valuable consideration. Held, that her inter- 
est was contingent on her surviving her husbsnd, and that, after her 
death before his, her interest was gone ; and that the children became 
entitled to the fund on their father's decease. 

Conn. Mutual Life Ins. Co. v. Burroughs, 34 Conn., 314-312. 

6. Whether the policy was assignable at all before the decease of 
the husband, qucere. 

Id., 314. 

7. When the assignee had paid an annual premium on the policy 
after the assignment, it was held, that he was equitably entitled to a 
repayment from the fund, of the money so paid. 

Id., 315. 

8. A husband procured a policy on his life payable to his wife for 
her sole use, or, in case of her death before his, to their children, the 
charter of the insurance company providing for such insurance and 
protecting the interests of the beneficiaries. The policy was issued to 
the wife and delivered to and kept by her. She obtained a divorce 
from him seven years after, and afterwards, without his knowledge, 
surrendered the policy to the company and took a paid-up policy, 
conforming in all respects to the original one. The husband had paid 
the annual premiums, except the one next preceding the divorce, 
which was paid by her. There were no children. She soon after 
died, and a little later he also. Held, that her representatives, and 
not his, were entitled to the insurance money. 

The Phoenix Mut. Life Ins. Co. v. Dunham, 46 Conn., 89. 

9. The paid-up policy required an annual payment of interest on 
certain premium notes. The wife paid this interest till her death, and 
the next payment, the only later one before the husband's death, was 
made by him. Held, that his representatives were entitled to repay- 
ment from the money received, of the interest so paid. 

Id., 89. 



72* INSURANCE DECISIONS IN CONNECTICUT. 

10. Upon an information for burning a building with intent to 
defraud an insurance company, it was held that it was not necessary 
to prove the legal existence of the company; that if it had a de facto 
organization, and was actually doing business, and the accused enter- 
tained a fraudulent intent, it was sufficient. 

That if proof of the legal existence of the company, which was a 
foreign one, was necessary, a certificate of the insurance commissioner 
of this State that the company had complied with the laws of this 
State and was authorized to carry on business here, accompanied by 
testimony of the agent of the company here that he had issued numer- 
ous policies, -was prima facie evidence of its legal existence. 

The fact that the policy was made payable to a mortgagee of the. 
building was not inconsistent with the allegation that the company 
insured the building to the accused. 

The intent to defraud may be inferred from circumstances. 

State v. Byrne, 45 Conn., 273. 

11. The assignment of a policy by the wife for the security of a 
loan and as a security to a creditor for a pre-existing debt of her 
husband is valid in this State. 

By the laws of New York, where the husband and wife resided, 
such an assignment was invalid. 

The. policy was issued by an insurance company of this State, and 
the assignment was made in the State of New Jersey, where such 
assignments are valid. 

The laws of New York could not operate in the case. 

The Conn. Mut. Life Ins. Co. v. Susan Westervelt and others, 52 Conn., 586. 



VIII. Proofs of Loss, and Measure of Damages. 

1. Where the general agent of an insurance company, acting in 
the matter of his agency and in relation to the particular loss and 
controversy in question, stated to an agent of the plaintiff, who had 
prepared and forwarded the preliminary proofs, that it was only the 
quantity and value of the property that the company disputed, it was 
held, that the evidence was both, admissible and important, as going 
to prove a waiver by the company of all objection to the preli?ninary 
proofs on account of defects in them. 

Rathbone v. City Fire Ins. Co., 31 Conn., 203. 

2. Where a loss happened under a policy of insurance, and due 
notice thereof was given to the insurer, and the latter, after examina- 
tion, denied all liability on the ground that the loss was not from a 



INSURANCE DECISIONS IN CONNECTICUT. *73 

peril insured against and therefore not covered by the policy, held 
that such denial of liability and refusal to pay constituted a waiver of 
stipulation in the policy requiring the insured to furnish formal proofs 
of loss. 

Norwich and New York Transportation Co. v. Western Mass. Ins. Co., 34 Conn., 
570 (U. S. Circuit Court). 

Batchelor v. Peoples Fire Ins. Co., 40 Conn,, 64. 

3. By the conditions of his policy, the insured was required to 
declare on oath "whether any, and what other insurance has been 
made on the same property." He did make oath that "said property, 
or any part thereof, was not nor has been insured since the policy was 
taken out" from the defendants. Held, sufficient and equivalent to 
stating that no other insurance had been made on the property. 

Lounsbury v. Protection Ins. Co., 8 Conn., 467. 

4. Where a steamer, insured against loss by fire, received an injury 
by collision with another vessel, and in consequence thereof filled 
with water, whereby the fire was forced out of her boiler and burnt 
off her light upper works and liberated her light freight, thereby 
reducing her floating capacity so that she sank in deep water, and the 
jury found that she would not have sunk but for the fire, held, that the 
fire must be considered as the proximate cause of the loss occasioned 
by burning and sinking, and that the insurers were liable for the 
damages naturally and necessarily resulting from the fire, but not for 
the damages that were, or might have been, caused naturally and 
necessarily by the collision only. 

Norwich and New York Transportation Co. v. Western Mass. Ins. Co., 34 Conn., 
S.7°> 57 1 . 57 2 (U. S. Circuit Court). 

5. Where the rule of measuring the loss was prescribed by the 
policy to be the cash value of the boat just before the fire, and the 
plaintiffs offered evidence to prove such cash value, deducting the 
amount of damage by the collision, including all its necessary conse- 
quences, and such evidence was excluded by the court on the defend- 
ants' objection, held, that the plaintiffs were properly allowed to prove 
the cost of repairs in restoring the boat to her original condition, as 
the only mode left of proving the extent of their loss. 

Id., 573- 

6. Held, also, that the cost of raising the wreck by the plaintiffs, 
not exceeding the value of the same when raised, was a proper item 
of such loss. 

Ibid. 

7. Insurers of vessels are never liable for any commission on dis- 
bursements made by the owner, personally, for repairs. 

Sage v. The Middletown Ins. Co., I Conn., 242. 



74;* INSURANCE DECISIONS IN CONNECTICUT. 

8. Nor are they liable for any compensation paid to the master and 
mariners for their services in making repairs. 

Id., 243. 

9. Insurers are not liable for injuries done to a ship by straining 
when stranded, unless such injuries can be repaired without rebuilding 
the ship. 

Sage v. The Middletown Ins. Co., 1 Conn., 244. 

10. Magistrate -1 s certificate. A policy provided that in case of 
loss the insured should produce a magistrate's certificate, stating that 
he had inquired into the facts, etc., and believed that the assured had,, 
without fraud, sustained loss to the amount stated in the certificate. 
Held, that this provision was not waived by the insurance company 
by reason of its agent having received the proofs of loss, and having 
made no objection to them on account of the omission of the certifi- 
cate. Nor by the fact that the company objected to payment for the 
loss on other grounds. Nor by the fact that the company had held 
the proofs for two years without calling attention to the omission. 

Daniels v. Equitable Fire Ins. Co., 50 Conn., 551. 



IX. Double Insurance. 

1. Mortgagor and Mortgagee. A mortgagee insured his interest,, 
by a policy drawn, by mistake, as if issued to the mortgagor. Held, 
that a subsequent insurance, by the mortgagor, of his interest, was not 
within the condition of the mortgagee's policy providing that the 
policy should be void if any further insurance were obtained on the 
property insured without the insurer's consent. 

Woodbury Savings Bank v. Charter Oak Ins. Co., 31 Conn., 530. 

2. As a waiver of a provision against double insurance. 
See Couch v. City Fire Ins. Co., 38 Conn., 184-187. Ante, page *5I. 



X. Actions. 



1. A tnortgagee cannot maintain assumpsit on a policy in favor of 
the mortgagor, and not assigned to the mortgagee ; although the 
mortgagee effected the insurance and paid the premium, and the loss 
was made payable to him in the policy, and he was understood when, 
it was issued to be the real party insured. 

Woodbury Savings Bank v. Charter Oak Ins. Co., 29 Conn., 379. 



INSURANCE DECISIONS IN CONNECTICUT. *75 

2. Joinder of plaintiffs . Several interests. Where two of several 
plaintiffs in an action on a policy of insurance on a vessel were owners 
of the vessel, and all were copartners and joint owners of the cargo, 
held, that the plaintiffs had a sufficient interest to maintain the action. 

Bulkley v. Derby Fishing Co., I Conn., 576. 

3. Negativing exceptions. In a declaration on a policy of fire in- 
surance, there was no averment that the justice before whom the 
proofs of loss were made, was "not concerned in the loss or related 
to the insured." Held, that such an averment was unnecessary, the 
presumption being in favor of his being qualified to act. 

Lounsbury v. Protection Ins. Co., 8 Conn., 461. 

4. In declaring on a policy of insurance, the whole of it was set 
forth, with the annexed " Conditions of Insurance " of the usual form. 
One of these was, " Provided always, and it is hereby declared, that 
this company shall not be liable " for any loss arising from any inva- 
sion, insurrection, riot, etc. Held, that these were not conditions 
precedent, and that the exceptions contained in them need not be 
negatived in the declaration. 

Id., 466. 

5. Waiver of delay in suing. A denial by the insurers of all 
liability for a loss, on the ground that it was not from a peril insured 
against, is a waiver of a stipulation in the policy giving them sixty 
days within which to pay any loss ; and the insured may therefore sue 
at once. 

Norwich and New York Transportation Co. v. Western Mass. Ins. Co., 34 Conn., 
570 (U. S. Circuit Court), 6 Blatch., 241. 

6. Limitation of action. A provision in a policy of insurance that 
no action upon it shall be sustained against the insurers, unless com- 
menced within twelve months next after the cause of action shall 
accrue, is lawful, and operates as a bar to any suit brought after the 
lapse of time limited. Such a stipulation goes to the right as well as 
to the remedy. 

Gray v. the Hartford Fire Ins. Co., 1 Blatch., 278, 288 (U. S. Circuit Court). 

7. Limitation of time. Where in a policy of insurance it was stip- 
ulated that, in any action upon it commenced more than one year 
from the time of loss, the lapse of time should be conclusive evidence 
against the validity of the claim, and a loss occurs while war exists 
between the country of the insurers and that of the insured, the period 
of the war must be omitted in computing the year. 

Semmes v. City Fire Ins. Co., 36 Conn., 543 (U. S. Circuit Court), 6 Blatch., c. c. 
445 — (Reversed s. c, 13 Wall., 158). 



76* INSURANCE DECISIONS IN CONNECTICUT. 

8. A condition in a policy, that no suit shall be brought in case of 
loss, unless within six months after the loss, is valid and binding on 
the insured. 

Woodbury Savings Bank v. Charter Oak Ins. Co., 31 Conn., 529. 

9. Auxiliary bill in Equity. But where an action at law was 
brought on the policy within the time limited, which it was found 
could not be sustained, by reason of a mistake in the form of the 
policy, and a bill in equity was brought while that suit was pending, 
and after the six months had expired, for the correction of the policy, 
and for an injunction against the defense set up in the action at law, 
it was held, that the suit was not barred by the expiration of the time 
limited. 

Ibid. 

10. Creditors' bill to restrain a third party from a wrong to the 
company. The principle that a stockholder of a company cannot 
maintain a bill in equity against a wrong-doer to prevent an injury to 
the corporation, unless it shall be averred, and shall affirmatively 
appear that the corporation has refused to take measures to protect 
itself, does not extend to a bill which is in good faith filed by a 
creditor, and a holder of a policy in an insurance company is a 
creditor within this rule. 

Lathrop v. Stedman, 42 Conn., 583 (U. S. Circuit Court). 

11. If freighters upon learning of an intended deviation, made 
without their consent, effect an insurance on the voyage as thus 
altered, neither this nor their demand upon the insurers for payment 
of a loss will affect their claims against the carrier. 

Crosby v. Fitch, 12 Conn., 423. 

12. Foreign attachment. Scire facias. A policy of insurance pro- 
vided that no suit for the recovery of any claim upon it should be 
sustainable in any court, unless commenced within twelve months 
after the loss occurred. Within twelve months after a loss, the com- 
pany were factorized as the debtors of the insured, and judgment 
having been obtained against him, a scire facias was brought upon 
it against the company after the twelve months had elapsed. Held, 
that the scire facias was a part of the original factorizing proceeding, 
and that that was such a suit as was covered by the terms of the 
proviso. 

Harris v. The Phoenix Ins. Co., 35 Conn., 311. 

13. Defective declaration. A certificate of membership in a mutual 
life insurance company, provided that, on the death of the wife of the 
plaintiff, an assessment should be made upon the policy-holders in the 
company for as many dollars as there were policy-holders, and that 



INSURANCE DECISIONS IN CONNECTICUT. *T7 

the sum collected, not exceeding one thousand dollars, should be paid 
to him within ninety days from the filing of the proof of death. 

Held, that a declaration containing no allegation of a neglect to 
make the assessment provided for, and assigning no breach except of 
a promise to pay one thousand dollars, was fatally defective, and that 
the defect was not cured by the verdict. 

Curtis v. The Mutual Benefit Life Co., 48 Conn., 98. 

14. A policy on property mortgaged to a bank was made payable 
to it. A collateral agreement Was also made between the insurance 
company and the bank, that no policy of the company made payable 
to the bank should be invalidated as to the latter by any act or neglect 
of the mortgagor or owner; that the bank should pay for any increase 
of hazard, and that on payment of loss to the bank, the company 
should be entitled to all the securities held by the bank from the 
debtor. Both policy and agreement under seal. Premium paid by 
the insured. Held : 

1. That the bank, not being a party to the policy, could not sue 
upon it alone. 

2. That the two instruments together constituted a contract 
between company and bank to pay the loss to the latter ; and that 
the bank could maintain a suit at law in its own name on that promise. 

Meriden Savings Bank v. Home Mutual Fire Ins. Co., 50 Conn., 396. 

15. "Before or at the term at which the cause could be first tried." 
Held, to mean the term at which, under the laws of the State and 
rules of practice, the cause is first triable on its merits, and not 
necessarily the term at which it may be actually reached for trial. 

Edward Malley v. The Fireman's Fund Ins. Co., 51 Conn., 486. 

16. The twelve months should be reckoned from the day of the 
fire, and not from the expiration of the sixty days after the proofs 
were delivered to the company. 

Such a limitation of suits to be brought on a policy is valid. 
George T. Chambers v. Atlas Ins. Co., 51 Conn., 17. 



XI. Points Peculiar to Marine Policies. 
(a) Abandonment. 

1. Acceptance. It is not necessary, to give effect to an abandon- 
ment, that it be accepted by the insurers. 
King v. The Middletown Ins. Co., 1 Conn., 203. 



78* INSURANCE DECISIONS IN CONNECTICUT. . 

2. An abandonment transfers the property abandoned to the in- 
surers, and the insured cannot afterwards, by his own act, revest such 
property in himself, though it may be done by the consent of both 
parties. 

Id., 202 ; King v. The Hartford Ins. Co., Id., 341. 

3. Subsequent acts of owners as agents of the insurers. A vessel, 
on a voyage from New York to Middletown, struck on the rocks at 
Hurlgate, and was greatly injured. The owner abandoned, and 
immediately afterwards, upon his receiving intelligence that she was 
likely to be got off soon, the insurers authorized him to bring her 
into the Connecticut river, if practicable, and do whatever should be 
needful, without militating against the abandonment. Held, that 
this agreement did not affect his claim for a total loss. 

Id., 340. 

4. If there be such a total technical loss, at the time of the aban- 
donment, as to justify such abandonment, the insurers are liable as for 
a total loss, although the loss afterwards turn out to be only partial. 

King v. The Middletown Ins. Co., 1 Conn., 200-201. 

5. The existence of the goods insured or any part of them, in specie, 
is neither conclusive, nor, in many cases, a material circumstance, 
upon the question whether the loss is total or partial. 

Poole v. Protection Ins. Co., 14 Conn., 59. . 

6. Whether, if the insured cannot recover for a total loss of the 
whole property covered by the policy, and embraced in the memoran- 
dum clause, he may yet be entitled to recover, as for a total loss, the 
value of any part which was in fact totally lost, qucere. 

Id., 60. 

7. A vessel, laden with hides, was wrecked before arriving at her 
port of destination, the cargo submerged, and both proved a total 
loss, notwithstanding the efforts of the crew ; except that a small part 
of the hides were recovered by wreckers, removed by them to a 
neighboring port, and there sold — their condition being such as to 
render them unfit for reshipment without considerable additional 
expense — for the benefit of whom it might concern. The balance of 
the avails, after deducting salvage and other charges, was $40 ; which 
was remitted to the owners. The master and crew did not arrive at 
this port until after the sale. There was an insurance on the voyage, 
the policy containing a proviso that the insurer should not be liable 
for any partial loss on hides and all other articles that are perishable 
in their own nature, but that the owners of such goods should recover 
on a general average. Held, that an abandonment having been made, 
the loss upon the hides was certainly deemed to be constructively 
total, and probably actually total. 

Id., 54. 



INSURANCE DECISIONS IN CONNECTICUT. *79 

8. Where a total loss of goods insured, with the exception of par- 
ticular average, is claimed by reason of damage to the vessel, the same 
rule prevails in ascertaining whether such a loss has arisen, as if the 
policy were free from that exception. 

H., 57; 

9. A vessel, insured for a certain voyage, was stranded on the 
rocks at Hurlgate, and so much injured that all her cargo was washed 
out. Four days after she was stranded, the danger not having in- 
creased, and the chances being in favor of getting her off, the owner 
abandoned; after which the master, with the aid of the crew and 
some extra assistance, got her off, and repaired her so that she was 
capable of pursuing her voyage (which was to Middletown), at an 
expense of less than half her value. Held, that the owner had no 
right to abandon, and could recover only for a partial loss on the 
vessel, that alone being insured. 

King v. The Hartford Ins. Co., I Conn., 426-427. (Two judges dissenting.) 

10. A mere stranding by itself cannot justify an abandonment ; the 
right to abandon a ship existing only in cases of extreme hazard, 
where her situation is such that there is no reasonable prospect or 
chance of saving her with all the means and assistance that can be 
obtained. 

Id., 426. 

11. Election of port of discharge. Purchase of ship by owner after 
abandonment. Agency. The defendants insured the plaintiff's ship 
upon a voyage to a certain port in Europe, and back to her port of 
discharge in the United States. Having performed the outward voy- 
age, the ship took in a cargo of salt, and cleared for New York, 
arriving there via Montauk Point, on June 21st, of which immediate 
notice was given by mail to the plaintiff at Hartford, who replied, by 
return mail, ordering the ship to proceed immediately with her cargo 
to Middletown. The ship and cargo were entered at the New York 
custom-house, and duties paid on a few dutiable articles on board ; 
but nothing was unladen, except part of the salt, which was put into 
lighters, in order that the ship might be able to get into the Connec- 
ticut river. With the first fair wind, on June 30th, the ship sailed for 
Middletown, but was stranded on the rocks at Hurlgate, and so much 
injured that all the salt on board was washed out, and she was in 
extreme danger of being utterly destroyed. While in this condition, 
on July 4th, the plaintiff abandoned her, but the defendants refused 
to aid in getting her off, etc. ; denying any liability on the policy. 
On July 8th, she was got off and taken to New York, where she was 
fairly sold at auction, and bought in by the plaintiff's brother, who 



80* INSURANCE DECISIONS IN CONNECTICUT. 

subsequently transferred his right to pay for and take her to the plain- 
tiff. Held, that New York was not made the port of discharge by 
her clearance, or the intention of the master to discharge there on her 
arrival there, or anything that was subsequently done there ; since the 
lightening was not breaking bulk, and the plaintiff had a right to 
have the ship touch at one port for orders, and yet make another 
port that of her discharge ; that, while Middletown was thus made 
the port of discharge, the going first to New York was no deviation ; 
that the plaintiff's orders and conduct were reasonable ; that he had a 
right to abandon as he did and claim a total loss ; and that, were the 
subsequent purchase of the ship to be considered as really made by 
the plaintiff, this would not be a waiver of his abandonment, or in any 
way affect his right under the policy, as the sale must be considered 
as made by the defendants, — the parties left in charge of the ship after 
the abandonment being, in legal contemplation, their agents, and not 
the plaintiff's. 

King v. The Middletown Ins. Co., I Conn., 194-208. 

(One judge dissenting, 209-231, and another judge dissenting on all 
points, except that in regard to the lightening of the vessel not 
amounting to breaking bulk, 231-239.) 

Sage v. The Middletown Ins. Co., id., 240. 

12. Held, also, that the fact that the master dismissed and paid off 
at New York all the crew but the mate and cook, shipping an equal 
number of good hands at once, in their places, did not conduce to 
prove that New York was in fact the port of discharge. 

King v. The Hartford Ins. Co., id., 399. 

13. But, held, that if the sale were a mere pretended sale, made 
with a view to subject the defendants for a total loss ; if no purchase 
money were paid ; and the plaintiff, after the abandonment, possessed 
and used the ship as his own, without any objection or claim from the 
defendants; the jury would be warranted in presuming a waiver of 
the abandonment. 

Id., 341. 

14. Capture and unjust condemnation. If a vessel be captured and 
condemned without just cause by the courts of a neutral power, the 
owners may claim as for a total loss, if they abandoned to the insurers, 
but not otherwise. 

Townsend v. Phillips, 2 Root, 404 (Superior Court). 

15. The sails, rigging, anchors, etc., saved from a vessel stranded 
and abandoned, are not a fund in the hands of the insured to defray 
the expense of getting her off. 

King v. The Hartford Ins. Co., I Conn., 341. 



INSURANCE DECISIONS IN CONNECTICUT. *81 

1 6. In case of an insurance upon profits, and a total loss, no aban- 
donment is necessary. 

Fosdick v. The Norwich Marine Ins. Co., 3 Day, 118. 



(b) Barratry. 

17. Resistance by the master and mariners of a neutral vessel to the 
search of a belligerent is barratry ', and insurers are liable for it as such. 

Brown v. Union Ins. Co., 5 Day, 8. (Two judges dissenting, 11-21). 

18. By a marine policy, the plaintiffs were insured against "the 
barratry of the master (unless the assured be the owners of the vessel) 
and of the mariners." They were the owners of the vessel, but the 
master and first mate having both died on the voyage, a loss occurred 
by the barratry of the second mate, after he succeeded to the command. 
Held, that he was still mate, although acting as master pro hac vice, 
and that the policy covered the loss ; the case not being within the 
reason of the exception. 

Tate v. Protection Ins. Co., 20 Conn., 485, 486. 

19. Fraud in the master, in procuring the loss of the vessel, is bar- 
ratry, though he be a part owner, and as such is a peril insured against 
unless assented to by the other owners or the insured. 

Hoxie v. Home Ins. Co., 32 Conn., 38. 



{c) Deviation. 

20. That a deviation was for but a short distance or a brief period 
is immaterial. 

Burkley v. The Protection Ins. Co., 2 Paine, 90. (U. S. Circuit Court.) 

21. Voyage to one port or atiother. Under a policy on a voyage to 
St. Bartholomew's or St. Thomas, it is a deviation to touch at both 
these ports, in the absence of any usage or necessity to justify. 

Id., 89. 

22. And such a usage must be' so certain and uniform as to warrant 
the presumption that it was generally known as the law of vessels 
trading at those ports. 

Id., 91. 

23. If freighters, upon learning of an intended deviation, made 
without their consent, effect an insurance on the voyage as thus 
altered, neither this nor their demand upon the insurers for payment 
of a loss will affect their claims against the carrier. 

Crosby v. Fitch, 12 Conn., 423. 

F 



82* INSURANCE DECISIONS IN CONNECTICCT. 

(rtQ Open and Valued Policies. 

24. Where a policy of insurance upon a vessel and freight of goods 
"laden or to be laden," containing a clause valuing the vessel at 
$8,000, but leaving a blank for the value of the cargo, and a subse- 
quent memorandum reading thus : — 

"$8,000 on vessel. 
$2,000 on freight." 
Held, that this was an open policy as to the freight, meaning only 
$2,000 was insured on such freight as the ship might once commence 
to earn. 

Riley v. The Hartford Ins. Co., 2 Conn., 370. 

25. A ship was insured for a voyage outward to Gibraltar, with 

liberty to go to Cape de Verde for salt, and return: and $2,000 was 

by the same policy insured on freight, "laden or to be laden." 

Having earned freight on her outward voyage, she took on board a 

partial cargo, and sailed for the Cape to take in a quantity of salt, 

which would have brought her return freight up to more than $2,000, 

but was lost before reaching the Cape. Held, that whether the policy 

was treated as valid or open, the insurers were liable only for the 

freight which the ship had commenced to earn ; that is, upon the 

partial cargo actually on board, without reference to the salt which it 

was intended to ship. 

Id., 37°. 371- 

(«?) Termination of risk. 

26. Election of port of discharge. Though, as a general rule, if a 
vessel insured for a voyage to a port of discharge in a certain country 
arrives in any port there, and voluntarily and unnecessarily breaks 
bulk, and discharges any part of her cargo, she thereby makes it her 
port of discharge; yet, if, while waiting for orders at her port of 
arrival, she lands goods which are in a perishing condition, this will 
not make it her port of discharge. 

Sage v. The Middletown Ins. Co., 1 Conn., 242. See ante, page 60*. 



XII. Accident Policies. 

1. A policy insured the holder against death or injury "by violent 
and accidental means, within the meaning of the contract and con- 
ditions annexed." The conditions specified sundry modes of violent 
injury and death which were excluded from the scope of the policy. 
Held, that these specific exclusions did not operate to make the prin- 
cipal terms more largely inclusive, but that the death or injury, though 



INSURANCE DECISIONS IN CONNECTICUT. *83 

violent, must still fall strictly within the principal terms, and be 
caused by means that were accidental as well as violent. 

Southard v. Railway Passenger Assurance Co., 34 Conn., 579. (Per Judge Ship- 
MAN of U. S. District Court, as an arbitrator). 

2. Where a person insured by such a policy was injured internally 
by jumping, in great haste, from a railroad car at a station, and run- 
ning a considerable distance, which action was not necessary to his 
safety, but was voluntarily undertaken to effect an important object 
which required haste, it was held, that the injury was not caused by 
s ' accidental means," within the meaning of the policy. 

Id., 579-580. 



XIII. Life Policies. 

1. A policy of insurance on the life of a husband, issued upon the 
application of the wife, was made payable to the wife for her sole use, 
and in case of her death before her husband's, to be paid to her 
children. She died before her husband, leaving children. After her 
death, the husband surrendered the policy, and took out another in 
his own name and for his own sole benefit, the new policy being upon 
the same premium and dated back so as to be of the same date with 
the other. After paying one year's premium on the new policy the 
husband died insolvent. Held, that in equity the substituted policy 
belonged to the children, and that they, and not the creditors of the 
husband, were entitled to the insurance money. 

Chapin v. Fellows, 36 Conn., 134-135. 

2. Forfeiture. War. A policy of insurance of the usual form was 
taken out before the civil war, in South Carolina, by one of its citi- 
zens, on his own life, in a Connecticut company, through its local 
agent, and the premiums were duly paid for several years, and until 
the outbreak of the war. The company withdrew their agencies in 
South Carolina in 1859, but promised the insured that it would there- 
after notify him annually of the time when the premiums would fall 
due, and did so for the next two years. No notices were sent and no 
premiums paid during the war ; but, immediately upon its close, he 
offered to pay all the back premiums and the future ones as they ac- 
crued, all of which the company' declined to receive. The laws of 
South Carolina at all times required insurance companies doing busi- 
ness there to keep agents within its limits, who should accept service 
of process, file annual tax-returns of premiums received, etc. Held, 
that the non-payment of the premiums during the war terminated the 
risk, it not being a case of debt due by annual installments, payment 
of which the war might merely have suspended, but of an optional 



84* INSURANCE DECISIONS IN CONNECTICUT. 

payment, which, if made, would raise in effect a new contract for a 
new year. 

Worthington v. Charter Oak Life Ins. Co., 41 Conn., 400-418. 

3. Interest of issue. Contingency. A wife insured her husband's 
life by a policy payable to her, or, if he survived her, to their children. 
One of their children died, leaving issue ; then the wife died, and then 
the father. Held, that the deceased child left a transmissible interest, 
which went to his issue, in analogy to the statute of distribution. 

Continental Life Ins. Co., v. Palmer, 42 Conn., 65-69. 

4. Indemnity from party causing death. The plaintiffs having been 
compelled to pay a loss incurred by the death of one of whom they had 
insured, caused by the negligence of the defendants, brought an action 
on the case for reimbursement. Held, that there was no civil liability 
apart from statute law for causing the death of another, and that 
moreover, as there was no contract relation between the parties, nor 
any direct obligation to the plaintiffs on the part of the defendants 
growing out of their relations to the insured, the damage to the plain- 
tiffs was too remote a consequence of the defendants' wrong to be the 
subject of an action. 

The Conn. Mut. Life Ins. Co. v. The N. Y. & N. H. R. R. Co., 25 Conn., 274- 
276. 

5. Suicide. A policy of insurance on the life of a person con- 
tained the condition that if he should die by suicide, the policy should 
be null and void, and the insurers should not be liable for the loss. 
The subject insured died by an act of self-killing, by himself firing a 
pistol at his head. Held, that, if the subject insured, at the time he 
fired the pistol, was conscious of the act he was committing, intended 
to take his own life, and was capable of understanding the nature and 
consequences of the act, the insurers were not liable ; that, if the act 
was thus committed, it was immaterial whether he was capable of un- 
derstanding its moral aspects or of distinguishing between right and 
wrong; and that if he was not thus conscious, or had no such capacity, 
but acted under an insane delusion, overpowering his understanding 
and will, or was impelled by an uncontrollable impulse, which neither 
his understanding nor will could resist, the insurers were liable. 

Held, also, that the fact of self-killing being conceded, it was for 
the party claiming to recover on the policy to establish that the sub- 
ject insured was in the condition, when he committed the act, which 
left the insurers liable. 

Gay v. Union Mut. Life Ins. Co., 9 Blatch., 143 (U. S. Circuit Court). 

6. Liability of a life insurance company for dividends. Where 
annual dividends are declared by a life insurance company, in ac- 
cordance with an established rule, and the acts of the officers show 



INSURANCE DECISIONS IN CONNECTICUT. *85 

that they are payable on certain classes of policies, a subsequent at- 
tempt on its part to limit the meaning of the vote, and make it at 
variance with the contemporaneous written rules and the acts of the 
company, is vain, the attempt being evidenced by the erasure of the 
dividend endorsement from the premium notes, and the company will 
be liable for the amount of the dividends so erased. 

Heusser v. Continental Life Ins Co., 20 Fed. Rep., 222 (U. S. Circuit Court). 

7. Policies included under term "Renewed." The office of a 
renewal of a life insurance is to prevent discontinuance or forfeiture ; 
and the word "renewed," in the vote of the directors of an insurance 
company granting dividends upon certain policies answering this 
description, includes -participating, limited-payment policies, which 
have been prevented from forfeiture prior to the passage of the dividend. 

Idem., 224-225. 



XIV. Dissolution of Insurance Companies. 

1. The State which granted a charter to a life insurance company, 
reserving the power to repeal it, at its pleasure, can exercise such 
power summarily and at will, sbbject only to the limitation that its 
action must not be so wanton and causeless as palpably to violate the 
principles of natural justice. t 

Lothrop v. Stedman, 42 Conn., 590 (U. S. Circuit Court). 

2. Such a repeal would not impair the obligation of any contract 
which the corporation may have entered into by its policies; but its 
property would remain a trust fund for the payment of its creditors 
and stockholders. . 

Id., 291. 

3. An insurance company, by legislative authority, transferred all 
its assets to another company, which, in consideration thereof, rein- 
sured all its existing policies. Hela\ that this left the former company 
liable on its policies (in the absence of proof that the insured had 
released), and therefore open to insolvency proceedings, if it had not 
assets to meet them. 

Stedman v. American Mut. Life Ins. Co., 45 Conn., 381. 



FIFTH REPORT 



-OF THE 



Shell Fieri Commi$$ioner$ 



-OF THE 



STATE OF CONNECTICUT 



TO THE 



General i\$$«mM\j, January S$$$iop, 1888. 



MIDDLETOWN, CONN.: 

PELTON & KING, PRINTERS AND BOOKBINDERS. 

1885. 



Commissioners of Shell Fisheries. 



Robert G. Pike, - - - - - Middletown. 

William M. Hudson, ..... Hartford. 

James A. Bill, ----- - - Lyme. 



Clerk, 
Frederick Botsford, ------ New Haven. 

Engineer, 
James P. Bogart, - - - - - - New Haven. 

Field Engineer, 
David C. Sanford, New Haven. 

Assistant Engineer, 
Robert G, Pike, Jr., - - - - . • - Middletown. 



STATE OF CONNECTICUT. 



Report. 



To His Excellency the Governor and the General Assembly of the 
State of Connecticut : 

Owing to the recent change in the fiscal year of the State, this 
report begins with December i, 1884, and ends with June 30, 
1885. It consequently covers a period of only seven months. 
During this time the various duties of the Commissioners have 
been faithfully attended to and a large amount of work accom- 
plished, as will be seen from the following details : 

ENGINEERING. 

The Engineering Department has been under the able man- 
agement of Mr. James P. Bogart, with the same efficient assist- 
ants as before. The first four months of the period covered by 
this report being winter months, little or no work was done upon 
the water. The time was fully occupied by the engineers working 
up the material gathered in their out door work during the pre- 
vious summer, and applying • it to the correction of old and 
the making of new maps. ' In the spring the work of surveying and 
buoying was resumed, principally on lots claimed to be held and 
occupied under town committee titles, and from time to time on 
lots designated bythe Commissioners. All the signals along the 
shore were inspected and repaired, and some new triangulation 
points established. One hundred and ninety-two buoys were 
set and twenty-two surveys made, which, for the brief period the 
engineers were employed, compares favorably with the work 



4 FIFTH REPORT OF SHELL FISH COMMISSIONERS 

done in previous years. A more detailed statement of engineer- 
ing work will be found in Mr. Bogart's report appended hereto. 

DESIGNATIONS. 

During the period covered by this report the number of appli- 
cations for oyster grounds was twenty-nine, covering an area of 
eleven hundred ten and one-tenth acres; six hundred thirteen 
and twenty-two one-hundredths acres were designated, bring- 
ing into the State Treasury the sum of six hundred seventy- 
five dollars and fifty-seven cents. Sixty-three applicatious are 
now pending, waiting for a hearing or for deeds delayed for 
want of surveys required for accurate description. These will 
yield to the State the sum of four thousand eight hundred twelve 
dollars and four cents. 

Four completed deeds await payment, covering an area of two 
thousand one hundred forty-eight and one-tenth acres, which will 
yield twenty-three hundred sixty-two dollars and ninety-one 
cents. 

Since June, i, 1881, the time when the work of the Commis- 
sioners began, the total number of applications received is six 
hundred and three, covering an area of ninety thousand and 
sixty-four and one-quarter acres; of which forty-five thousand six 
hundred sixty-seven and eight-tenths acres have been granted, 
yielding to the State the sum of fifty thousand two hundred thirty- 
four dollars and fifty-eight cents. 

If to the designations thus made by the Commissioners are 
added those made previously by the town" committees of grounds 
within the area of the Commissioners' jurisdiction, viz.: thirty- 
three thousand nine hundred eighty-seven and nine-tenths acres, 
the total area heretofore granted in said jurisdiction is found to 
be seventy-nine thousand six hundred fifty-five and seven-tenths 
acres, of which sixteen thousand two hundred one and seven- 
tenths acres are cultivated, and sixty-three thousand four hun- 
dred forty-five and seven-tenths acres are uncultivated. 

The number of tax-paying cultivators at the time the list was 
first prepared in 1882 was two hundred and sixteen; in 1883 it 
was two hundred and ninety; in 1884 it was three hundred and 
eighty-five; and in 1885 it was four hundred and twenty-three. Of 
the latter, ninety-three own ten acres and under apiece; thirty- 
three own from eleven acres to twenty-five acres apiece; one 
hundred and fifty-two own each from twenty-six acres to one 



OF THE STATE OF CONNECTICUT. 5 

hundred acres; and one hundred and forty-five own each one 
hundred and one acres and upwards. 

The area of cultivated grounds is constantly and rapidly increas- 
ing. The grounds which remain uncultivated are mostly owned 
by oyster growers, and they will shell and plant as fast as prac- 
ticable. Still it is believed that many acres of good ground are 
held for speculative purposes. With some of these grounds the 
period of five years will soon expire, when Section 5, Chapter 
CLX. of the Laws of 1881, must be enforced by the Commis- 
sioners. This section provides that if the grounds are not occu- 
pied and used for oyster cultivation within five years after desig- 
nation, the Commissioners shall apply to the Superior Court to 
appoint a committee to inquire as to such use and occupancy, and 
if it is found that the grounds have not been cultivated in good 
faith the Court may order such grounds to revert to the State. 

The belief prevails, to some extent, that all of the best lots in 
the state waters have been taken; but this is not true. Lots 
nearest the shore have been deemed more accessible, and have 
been generally preferred by cultivators. But there are thou- 
sands of acres of grounds available for cultivation which are still 
open for designation. And there is reason to believe that many 
would gladly take up a large area of these grounds if they were 
not forbidden by law. 

The act establishing the State Commission for the designation 
of oyster grounds, approved April 14, 1881, permits applications 
to be made only by " persons who have resided in the State not 
less tharrone year next preceding the date of said application." 
A like restriction is put by the same act upon all assignments of 
oyster grounds granted by the State. It is obvious that the pur- 
pose of the law was to exclude non-residents from its privileges. 

The Commissioners believe this law to be as impolitic as it is 
in many instances ineffectual. It is easily evaded. There are 
many acres of land legally designated to residents which have 
been paid for and are really owned by non-residents. Besides 
this, grantees in ignorance of the law have in several instances 
sold to non-residents, who have bought in like ignorance. If the 
purpose of the law was to give citizens a preference, its purpose 
is fully accomplished, and it is believed that the time has come 
when such restrictions should be abolished, and the grounds 
thrown open to every one who will pay for them. This would 
promote the sale of state grounds and bring considerable money 



6 FIFTH REPORT OF SHELL FlSH COMMISSIONERS 

into the treasury. Many acres now lying uncultivated and bar- 
ren would soon become productive and valuable, and yield an an- 
nual tax to the State. 

The Commissioners recommend that a law be passed repeal- 
ing all restrictions of the character named ; and, further, that 
designations and assignments heretofore made to non-residents 
be ratified and confirmed. 

TAXES. 

The subject of taxes has received careful and anxious atten- 
tion. Notwithstanding the petulant complaints made by a few 
oyster cultivators against " excessive taxation of oyster grounds," 
the Commissioners have seen no reason for changing their views 
as expressed in former reports. The assessments of grounds 
made by the Commissioners have been generally approved by 
unprejudiced persons familiar with the subject, and the taxes laid 
have been considered reasonable and just. The total amount of 
tax laid the past year is $7,890.72, an increase over the previous 
year of $1,443.65. This gain is attributable to a more correct 
appreciation of the value of grounds ; to an increase of area 
subject to taxation ; and to discoveries, made by the Field En- 
gineers, of concealed grounds designated previously to 1881. 
Objections to the assessments this year have been far less nu- 
merous and persistent than in former years, and bills have been 
paid with commendable promptitude. 

The first tax, 1883, amounted to $3,681.47 

The second tax, 1884, amounted to - - - 6,447.07 

The third tax, 1885, amounted to ... - 7,890.72 

Of the first tax there remains unpaid - 29.64 

Of the second tax there remains unpaid ... 25.84 

Of the third tax it is too early in the year to speak, but at this 
early day (July 1), it is nearly all paid. Of the above small sums 
of unpaid taxes $6.04 will be collected. The remainder, $49.44, 
is in small sums which are not legally collectable by reason of 
various unavoidable errors attendant upon making new lists. 

For the protection of the State in the future, a law is recom- 
mended, authorizing the Commissioners at any time, after a tax 
is laid upon any oyster grounds, to file a notice thereof in the 
Town Clerk's office of the town between whose meridian lines 



OF THE STATE OF CONNECTICUT. 7 

such oyster ground or any part thereof may be situated — such 
notice to contain a description of said ground and the amount of 
the tax laid thereon with the day and year when such tax was laid 
— whereupon said tax shall operate as a judgment and shall be a 
lien upon said grounds and all real estate of its owner or owners 
until fully paid, and that an execution may be issued thereon as 
in ordinary judgments. 

DUMPING GROUNDS. 

Upon consultation with Colonel Walter McFarland of the U. 
S. Engineers, and with his approval, dumping grounds were es- 
tablished off Milford, about two miles southeast from Stratford 
Point Light. Recent experience makes it probable that these 
grounds must be abandoned and others agreed upon, larger in 
extent, further to the southeast, and with deeper water. The 
subject is under consideration at this time. 

Dumping of material in the Sound is now regulated by a 
law passed in 1883. By this law every person about to remove 
mud or other material from any of the harbors of the State where 
there are oyster grounds, must notify the Commissioners when and 
where such work is to be commenced, and the names of the boats 
to be employed in the work ; whereupon it is the duty of the Com- 
missioners to appoint a suitable person to accompany each boat 
and to pay him two dollars and fifty cents per day, to see that the 
material is properly dumped on the grounds designated for the 
purpose and nowhere else. This law was made especially for the 
protection of oyster grounds, and it has proved effective in such 
protection. 

There is a vast amount of material annually transported to 
the waters of the Sound ; and it is obviously desirable that it 
should be carried in such way and deposited in such places as 
will result in the least harm to the oyster grounds and to navi- 
gation. The Commissioners appreciating the importance of the 
law were anxious to provide for its enforcement, and they made 
an estimate of the probable expense of supplying inspectors for 
the several boats. As the number of inspectors required from 
day to day throughout the year could not be controlled by the 
Commissioners, it was clear that the annual cost could not be easily 
estimated. Judging, however, from the previous year's expense 



8 FIFTH REPORT OF SHELL FISH COMMISSIONERS 

under the law, and the quantities of proposed excavations and 
dumping the then coming year, the Commissioners made as low 
an estimate as they thought safe, but it was cut down to the small 
sum of three hundred dollars — a sum already nearly exhausted. 
Thus embarrassed by a law that requires them to pay without ad- 
equate means, rather than have the inspection omitted, they have 
induced the inspectors to continue the service, in the confident 
expectation that the Legislature will appreciate the justness of 
their claim for compensation and will provide means for its pay- 
ment. 

MAPPING. 

The most important and difficult task imposed on the Commis- 
sioners by the State is that of surveying and mapping the grounds 
within their jurisdiction, which had been designated in previous 
years by Town Committees. In addition to this general map for 
the State they are also required to "provide sectional maps com- 
prising all grounds located within the meridian boundary lines 
of the several towns on the shores of the State, which maps 
shall be lodged in the Town Clerk's office of the said respective 
towns. " This work has occupied a large share of the time and 
attention of the Commissioners from the beginning. The num- 
ber of lots they are required to map is seven hundred and seventy- 
two. It was obvious that every lot must be given its exact posi- 
tion, shape and area on the required map, or the mapping would 
be of no value. To do this effectually considerable preliminary 
work was necessary, and it was begun without delay. The whole 
shore of the State was triangulated and the geodetic position of 
every prominent object thereon which could be used for refer- 
ence, was carefully determined and then mapped. Where no such 
object existed, signal structures were erected and their geodetic 
position was ascertained and mapped. Twenty-seven large per- 
manent structures were thus built, and several small ones of less 
importance. The Commissioners' line was then run from head- 
land to headland along the shore, from Byram Point to the Paw- 
catuck River, whereby the grounds given by the State for town 
management were separated from the grounds put under the con- 
trol of the Commissioners. This line was determined with great 
care, after consultation with the authorities of each town. It 
has been accurately mapped and carefully connected by observa- 



OF THE STATE OF CONNECTICUT. 9 

tions and calculations with the triangulations previously made. 
Meridian lines were then run and mapped from points where town 
division lines touched high water mark, to the division line be- 
tween New York and Connecticut. Thus the whole field, subject 
to the Commissioners' care, was clearly defined and mapped. 
The next step was to explore, survey and map the natural beds 
within the field which were reserved by law for public use, and 
were perpetually exempt from designation. The details of most 
of this work will be found in previous reports of the Commis- 
sioners and especially of Engineer Bogart. All the work of the 
Commissioners that required confirmation has been approved 
and confirmed from time to time by the Legislature. 

Thus an area was presented of three hundred and thirty- 
five thousand acres of water extending from east to west about 
ninety-six miles, and from the Commissioners' line on the north 
to the New York boundary line on the south, in width varying 
from three to ten miles. Hidden under this water were the lots 
to be mapped, a great multitude of them, held or claimed by as 
great a multitude of owners, who in many instances, were quite 
as hard to find as the lots themselves. Some of the grounds were 
marked by buoys and some found only by reference to objects on 
the shore, wholly unlike land lots with their metes and bounds, 
fences and walls. There was but little visible to the eye which 
enabled one to discover a lot or determine its outline or extent. 

Searches were made for designations in the records of the sev- 
eral towns, but it was found that these in many cases had not been 
recorded, and of those recorded the descriptions were often incon- 
sistent and obscure. Copies, however, were taken of the written 
designations as made by the several Town Committees, and they 
are on file in the Commissioners' office. Without the aid of own- 
ers these records afforded but little help in making correct maps. 
But some kind of a map was necessary at once, for a law had 
been passed providing for a tax upon oyster grounds and it was 
imperative that it should be promptly enforced. The only prac- 
ticable course open to the Commissioners seemed to be that 
which they have pursued. By diligent inquiry in each town and 
with the aid of the town maps and designations, a list of owners 
and of their claims was made out ; and each owner of grounds 
was called upon to accompany the Commissioners' Engineers and 
aid them in finding and surveying the grounds as claimed by him. 
In the progress of this work other owners were discovered and 



lO FIFTH REPORT OF SHELL FISH COMMISSIONERS 

their claims noted. In time a list and a map approximately cor- 
rect were made up as a basis of taxation in 1882. These have 
been materially increased and improved each year since. The 
surveying of claims is now nearly completed, and will be entirely 
so the present year. They will show every lot of which owner- 
ship is asserted. They are known as " Occupation Maps. " They 
are experimental and preliminary to the final mapping. This 
final mapping was begun a year or more ago, but has been at 
times interrupted by conflicting claims. It will be prosecuted as 
rapidly as possible. The work consists of testing and correcting 
claims or occupations by the legal title ; a work which is found to 
require unwearied patience and care. Many claims fail to be 
supported by their designations ; the shape of the lot, its area, 
or its location is not justified by the written description. 
Frequently the occupation interferes with neighboring lots and 
some cases have arisen where there were two or more claimants 
for the same grounds. Whenever any question arises touching a 
claimant's rights he is cited in and given an opportunity to be 
heard to the fullest extent. If he fails to satisfy the Commis- 
sioners, his areas are restricted to their proper limits, his position 
is changed when necessary, and his lot is finally mapped in such 
size, shape or position as is justified by the evidence. 

When a contest arises between two or more adjacent owners, 
they are also notified, and a day is given them to be heard in per- 
son or by counsel ; the decision of the Commissioners is then made 
and the lines of division are mapped as determined by them. 
Generally these hearings are informal ; but sometimes petitions 
and answers in writing are filed under the law passed for the 
purpose in 1882. From the decisions thus made by the Commis- 
sioners an appeal is allowed to the Superior Court ; but thus far 
only one appeal has been taken. From the nature of this work 
of mapping, it is obvious that it has been, and must be, neces- 
sarily very slow ; but it has been thorough, and it is believed that 
it will prove satisfactory to the most critical. One thing is cer- 
tain, that in place of the vagueness and doubt that so long 
weighed upon the titles of oyster grounds there will henceforth 
be system, order and certainty. 

The final map of New Haven will soon be completed. It is 
the largest map of all, and probably involves proportionately the 
greatest number of disputes and difficulties. The maps of the 



Of THE STATE OF CONNECTICUT. II 

other towns will be taken up in their order and no pains will be 
spared to complete them as soon as possible. 

STAR-FISH. 

The experience of the principal oyster cultivators with star-fish 
proves beyond question that with reasonable care and labor they 
may be so reduced in number that any injury they might do to 
the oyster beds would be of little consequence. If the star-fish 
could be dredged from the natural beds and from uncultivated 
grounds the work of protecting cultivated beds would be com- 
paratively easy. The greater the area of grounds thoroughly 
cultivated the less will the stars abound. They seem to move in 
colonies or groups, and they appear suddenly and in large num- 
bers in different places at once. The beds in the western waters 
of the State suffered but little from their attacks last year, but 
this season they have proved very destructive. Neglected beds 
suffer the most, and it cannot be repeated too often, that the 
attacks of these pests can only be repelled by unceasing vigilance 
and industry. No work on an oyster bed pays better than 
dredging for star-fish. When proprietors realize this fact, and 
the State does what it ought to keep them from breeding on the 
natural beds, it is believed the losses will become insignificant 
throughout the State. 

What efficient dredging will do is shown by the following let- 
ter from a firm of the most intelligent and observing cultivators 
in the State : 

Captain Thomas A. Scott, the well-known submarine diver and wrecker, 
examined our oyster beds to-day to find star-fish. He walked over about one 
hundred acres where we have caught hundreds of bushels of the pests in the past 
three months, and could only find here and there one scattered over the oysters. 
We have not been able for the past week to find many with our dredges, and 
hope we have secured the bulk of the crop. Captain Scott will give another 
trial soon, then we will give you a full report of the knowledge we have gained 
of the habits of the star-fish and means of catching them. 

William M. Merwin & Sons. 

spawning. 

At the time of writing this report spawning has not commenced. 
A large area of new ground has been spread over with shells, 
at different places along the shore, and a good set is looked for. 
The immense quantities of stock growing on cultivated beds 



12 FIFTH REPORT OF SHELL FISH COMMISSIONERS 

scattered through the Sound warrants the belief that, if the 
weather proves favorable, there will be an abundant supply of 
spawn. The spawning period begins in July and ends in Sep- 
tember. It is earliest in shallow waters and latest in the deep 
waters, the time varying according to the temperature of the 
water and the condition of the atmosphere. Storms and cold 
weather retard the operation, while warm, quiet weather expedites 
it. Where they are so many and extensive beds widely scattered 
in different depths of water there must be spawn emitted from 
time to time throughout the whole period of spawning. If the 
spat of one week is destroyed by unfavorable conditions of the 
weather, then the spat of some subsequent week may find all the 
conditions favorable for drifting, growing, and setting, and thus 
the crop will be secured. It is fair to presume that the great 
and increasing abundance and variety of beds will henceforth 
afford all the spat that will be required. 

GENERAL REMARKS. 

The rapid development of the oyster industry is evidenced by 
the increase in the number of those engaged in the business 
during the past seven months — an increase of ten per cent. It 
is also shown in the continual extension of area of grounds de- 
voted to cultivation. This prosperity is also strikingly manifested 
in the number of oyster steamers recently built. 

Last year there were forty steamers in the oyster fleet. This 
year there were forty-nine as appears from the following table : 



cts<d-£c3<do50-£ 



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H. A. Barnes, 

G. E. Landcraft, 

John Coleman, 

Peter Decker, 

Wright, 

E. F. Lockwood, 

S. B. Reed, 

A. Bond, 

G. W. Hitchings, 

Nelson Wakeley, 

W. I. Stevens, 

Chas. Lowndes, 

Clark, 

H. Rowland, 


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D. Burbank, 
H. C. Rowe, 
M. E. Smith, 
D. K. Cole, 
C. W. Hoyt, 
W r . H. Rowe, 






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Barnes & Lane, 
Landcraft Bros., 
Bond & Weissbath, 
Peter Decker, 
Wright & Sons, 
E. F. Lockwood, 
Reed & Franklin, 
Bond & Currier, 
Jeremiah Smith & Son, 
H. J. Lewis, 
W. L. Stevens, 
Chas. Lowndes, 
Thos. S. Lowndes, 
Rowland & Tuthill, 
Wm. Hoyt & Son, 
Thomas Thomas, 
Daniel Burbank, 
H. C. Rowe & Co., 
Smith Bros., 
Dexter K. Cole, 
Hoyt Bros. Co. 
W T m. H. Rowe, 
Jeremiah Smith & Son, 




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Brookhaven, 

Lizzie E. Woodend, 

Freddie W. Decker, 

Virginia, 

H. S. Lockwood, 

Wm. Alexander, 

Bond & Currier, 

Daisy E. Smith, 

Florence, 

Mabel L. Stevens, 

Jesse Clayton, 

Henry J.. 

Medea, 

C. W. Hoyt, 

J. P. Thomas, 

J. P. Mersereau, 

Gordon Rowe, 

Smith Bros., 

F. C. & E. A. Rowland, 

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FIFTH REPORT OF SHELL FISH COMMISSIONERS 15 

These steamers find continual employment keeping the buoys 
in place on the oyster grounds, clearing up new grounds, trans- 
porting and laying down shells and other culch for catching a set 
— dredging the beds for star-fish — collecting oysters for transport- 
ing them to beds more favorable for their growth — and finally 
dredging them up and carrying them to market. Many seed 
oysters are now sold to cultivators in neighboring States— Rhode 
Island, Massachusetts, New York and New Jersey. The demand 
for native seed oysters from Connecticut waters is increasing every 
year. This is unquestionably due to their superior excellence. 

This growing trade with neighboring States ; the constantly ex- 
panding demand from the most distant parts of the country for 
shell, canned and pickled oysters ; and the rapid increase of for- 
eign exportation, make it probable that whatever may be the area 
of grounds planted in the waters of the State, the demand will 
keep pace with the supply. 

Every year affords new evidence that the methods adopted by 
Connecticut for developing and promoting its oyster industries 
were timely and wise. The laws granting a perpetual license of 
the grounds 'at trifling cost — the clearing up of titles — the adjust- 
ment of boundaries and the protection of growing crops, these 
have placed the business of cultivating upon a basis that inspires 
confidence and encourages effort. 

It is gratifying to know that this system meets the unqualified 
approval of experts like Lieut. Winslow and Prof. Goode of 
Washington. The former, 'whose superior knowledge of the 
oyster in all its relations, acquired through many years of study 
and observation of natural beds and cultivated grounds, in all 
parts of the United States and in Europe, says : 

" I do not know of any State that has made so great an advance in this matter 
as Connecticut. By examining the legislation on the subject for the last four 
or five years, it may easily be seen that it is of the most practical nature, and it 
is based on sound business principles. The people of Connecticut, proverbially 
shrewd, have certainly managed to get all the milk out of this particular co- 
coanut." 

Prof. Goode, another expert of the highest authority upon the 
subject, says : 

" I have been looking into the history of the oyster industry of Europe lately 
and am convinced that Connecticut is putting into practice the best system of 
oyster culture in the world. The manner in which that State is dealing with 
the questions of fishery legislation is certainly extremely interesting and worthy 



l6 FIFTH REPORT OF SHELL FISH COMMISSIONERS 

of commendation. The eyes of the world are upon Connecticut at the present 
time. I can appreciate this fact better than most people, having heard the 
eager questions and seen the intense interest of fish culturists and oyster raisers 
of Europe last summer in London, and having heard what was said concerning 
the action of Connecticut. Every country which has any oyster fishery is trying 
to solve the same problem, viz : ' How to protect the beds and give oyster cul- 
turists right of property in the fruit of their labors.' It really appears tome that 
this subject, the progress of the work in Connecticut, is one of the most inter- 
esting that could be brought up. " 

MUDDY GROUNDS. 

During the past year efforts have been made by oyster cul- 
tivators to redeem muddy grounds, heretofore considered useless 
for oyster growing and they have been eminently successful. 
Large areas, off Milford, have been covered with shells and 
pebbles brought from the Housatonic River, upon which a good 
set is looked for. The gentlemen to whom the credit of this ex- 
periment is due are H. J Lewis, William M. Merwin, Isaac E. 
Brown and members of the Stratford Oyster Company. This 
work has drawn attention to other muddy grounds, and similar 
experiments will be made by others. It is probable that a con- 
siderable portion of the large area of muddy bottom, hitherto 
considered worthless, will in time be sought after by cultivators 
and be made valuable grounds. 

SABELLARIA VULGARIS. 

Quite a panic was caused among the oyster growers in the 
early Spring by a report that immense numbers of oysters were 
being destroyed by masses of hard, sandy mud deposited upon 
them by myriads of small flesh-colored worms. Mr. Henry C. 
Rowe was the first to call attention to the subject. On examining 
his beds off Stratford and Bridgeport, he found one bed contain- 
ing about seventy-eight thousand bushels nearly destroyed by 
suffocation caused by these deposits. There was considerable 
discussion as to the novelty and danger of this new foe of the 
oyster ; several oystermen of experience asserting that" it was an 
old acquaintance, that it had always been known in the Sound 
and elsewhere and it was not injurious to the oysters, but on the 
contrary oysters thus visited were always healthy, vigorous, fat 
and eood flavored. 



OF THE STATE OF CONNECTICUT. I 7 

The* specimens submitted to the Commissioners showed be- 
yond doubt that many of the oysters had been smothered by the 
deposit, and they were very offensive. The same specimens were 
examined by Prof. Verrill of Yale College, the highest authority 
upon the subject, and he describes the worms and their work in 
the following letter : 

New Haven, June 16, 1885. 
Mr. H. C. Rowe. 

Dear Sir — I have examined the samples of seed oysters submitted by you. 
The large masses of sandy tubes which cover the shells of the oysters, both 
living and dead, are made by a small worm, about an inch long, which was first 
described and figured by myself in 1872, in the first volume of the Reports of 
the United States Fish Commission. It is there named sabellaria vulgaris, the 
first part of the name referring to its using sand for its tube, while the latter 
part was given to it because of its common occurrence. This Latin or scientific 
name might be translated as the "common sand-tube builder." It is very com- 
mon from Cape Cod to Cape Hatteras, building its tubes on stones and all sorts 
of shells as well as on oysters. It grows very rapidly, like other marine worms, 
and when abundant its tubes interlock and form rough crusts, often an inch or 
more in thickness. Such rough and porous crusts serve to catch the floating 
particles of mud and organic debris, which will subsequently putrify and turn 
black in the interior part of the crusts, evolving sulphuretted hydrogen and 
other poisonous and offensive substances. As these worms grow much faster 
than the seed oysters, they can easily bury them so deeply under the crust of 
tubes that the oysters will die, either for lack of a supply of pure water and 
food, or in consequence of the directly poisonous gases produced by the putrid 
substances in the crust. In other words the worms, by their rapid growth and 
the closeness of their crusts, may be said to "smother" the seed oysters. The 
large oysters seem to be capable of resisting their effects in most cases. Other 
creatures, with similar habits, have been known to produce the same effect on 
oyster beds, but this is the first time that this particular kind of worm has been 
shown to be destructive to oyster beds. I think, therefore, that you are deserv- 
ing of a great deal of credit in calling attention to this new kind of pest. 
Very respectfully yours, 

A. E. Verrill. 

Whether further examinations verified Mr. Rowe's first con- 
clusion as to the extent of his losses is not known. Since Prof. 
Verrill's letter but little has been heard upon the subject by the 
Commissioners. Hence it is hoped that the damage was not so 



» 



1 8 FIFTH REPORT OF SHELL FISH COMMISSIONERS 

serious as Mr. Rowe supposed. At all events no report has 
reached the Commissioners of the appearance of these worms in 
any damaging quantities on any other grounds. 

The financial statement covering the period of seven months 
ending with June 30, 1885, is hereto appended. All the laws re- 
lating to shell fisheries passed at the last session of the Legislature 
will be found in the appendix, except the law ratifying and con- 
firming the locations and descriptions of the natural beds in the 
State, such locations and descriptions having been published in 
full in last year's report. 

All of which is respectfully submitted, this first day of July, 
A. D. 1885. 

ROBERT G. PIKE, j Commissioners of 

WILLIAM M. HUDSON, \ 

JAMES A. BILL, ) Shell Fisheries, 



OF THE STATE OF CONNECTICUT. 



J 9 



STATEMENT 



OF THE FINANCIAL TRANSACTIONS OF THE COMMISSIONERS OF 
SHELL FISHERIES FROM DECEMBER 1ST, 1884, TO JUNE 30TH, 
1885, INCLUSIVE. 



Total amount received during the new fiscal year ending June 30, 

1885, - - - 

From the following sources, viz. : 
For deposit fee on applications, - 
For deeds delivered, ------ 

For drawing and recording deeds, - - - - 

For private surveys by engineering department, 
For taxes on lists of 1883 and 1S84, ... 



DISBURSEMENTS. 



For net expenses of Commission, - - 

For deposit fee on applications rejected, - 
For fee returned on disputed boundaries, - 
For cash returned to Belden and Lewis to correct error 
in area of ground deeded, - ... - 



$110.01 

613.22 

50.65 

195.73 

5. 599-H 



Total disbursements for fiscal year, - - - 

As follows, viz. : 

For salary of clerk 8 months, $933.36; postage and sta- 
tionery, $208.85; janitor, $24, oo,(office expenses,) $1,166,21 

For salaries and incidental expenses engineering depart- 
ment _.-_---- 4,035.89 

For rent of office, - - - ... - 216.64 

For cash paid inspectors of mud dumping, - - - 7 5. 00 



5,493-74 
31-82 
10.00 

395-12 



I 



,568.72 



,568.72 



,930.68 



,930.68 



SUMMARY. 



Total receipts, 
Total disbursements, 



Excess of receipts over disbursements, - 

Balance in bank Dec. 1, 1884, 
Drawn from treasurer, - 



Vouchers returned to comptroller and approved, 



£6,568.72 
5,930.68 

$638.04 



• 3i 
5,647-37 

$5, 930.68 

5,930.68 



Pay and expenses of the Commissioners, 



$3,377-16 



20 FIFTH REPORT OF SHELL FISH COMMISSIONERS 



Engineer's Report. 



To the Commissioners of Shell Fisheries of the State of Con- 
necticut : 

Gentlemen : — During the past seven months the demands 
for work which have been made on your Engineer and his two 
assistants have been such as to prevent an elaborate report of the 
details of the work accomplished. His controlling idea in con- 
ducting the work has been to make it accurate and complete. 

A large amount of work has been under consideration which 
could not by any possibility be forced to immediate completion; 
for much precise data pertinent to the work had to be prepared 
in advance, to be ready for immediate use, and this required 
many tedious mathematical computations. 

triangulation work. 

I have sought to eliminate from the surveys, as fast as oppor- 
tunity offered, all those weaker elements which were unavoidable 
in the beginning. With, this end in view, seven signals, which 
were located by hydrographic methods, were last spring observed 
on with reference to conversion into triangulation stations. 
Thus were secured data for their exact geodetic determination, 
and other advantages incidental to triangulation methods. In 
addition to the above, six new positions were triangulated, three 
of which are near New Haven and three near Greenwich. 
Establishment of jurisdiction lines and developments incident to 
examination of lot records made these six stations essential. 

Twelve stations were occupied. Seven were determined by 
cuts. The observations occupied thirteen days in April and 
May. I made 849 pointings with the eight-inch theodetic. Mr. 
R. G. Pike, Jr., was the recorder. 



OP THE STATE OF CONNECTICUT. 21 

TESTING SURVEYS. 

Attention having been called to certain disputes as to boun- 
daries by the parties interested, I was directed to ascertain, with 
all possible exactness, the location of such boundary lines. I 
devoted twenty-six and one-half days to this study, and presented 
the results to you, on April 4th, in a written report with dia- 
grams. These results are of much value, as they give a reliable 
basis on which to estimate the value of different systems of locat- 
ing buoys. The parties in interest have accepted the locations 
as given by you. One of these disputes was about a strip of 
oysters ninety feet in width and three thousand feet in length, 
and valued at ten thousand dollars. The location was over 
three miles from the nearest shore. The records were explicit, 
and the problem was to guarantee an exact location on the water 
according to the record. 

RECORD MAPS. 

The work of ascertaining the outlines of the lots by record 
has been mainly for the towns of East Haven, New Haven, 
Orange and Milford. Considerable progress has been made on 
these maps. 

A chronological index of the lots off these towns was prepared 
by Judge Pike; a work of no little difficulty, as there were many 
deficiencies and informalities in the papers indexed. 

Each lot, on the maps, off these towns has had placed on it 
its number in order of time of designation. Thus it may be 
seen at a glance what rights must first be met. 

It should be stated that at the beginning of our work all 
records capable of exact location were mapped at once on our 
maps. Thus far the necessary adjustments to make the occupa- 
tions conform with records have been made without serious ill- 
feeling. The map now in process of construction by you will 
assist in solving much of the trouble which may arise in the 
future. 

SIGNALS. 

The signals east of New Haven were inspected and repaired 
early in the spring. Those west of New Haven have received 
all needed attention, at odd times, by the field party. At the 
station known as " Highlands " a very large spar was erected, 






22 FIFTH REPORT OF SHELL FISH COMMISSIONERS 

at a contract cost of fifty dollars. Four granite posts, whose 
tops project a few inches above the ground, were set about the 
spar, at the four points of the compass. Notices printed on cloth 
have been tacked to all the signals, warning the public that the 
structures on which they are placed are State Oyster Survey Sig- 
nals, and any interference therewith will be punished according 
to Section 2, Chap. LII. of the Laws of 1883. 

BUOY WORK. 

June 16th Messrs. Sanford and Pike, Jr., moved to South Nor- 
walk. The buoy work has been prosecuted to the present time 
by them from that place. Before moving to South Norwalk, the 
work of buoy setting, incident to sales of ground and shelling as 
far to the west as Bridgeport, was fully attended to. 

The number of buoys set during the seven months is 192. 
Buoys surveyed, 22. Total positions determined, 214. The regu- 
lar field operations did not begin till May 26th. 

SEXTANT PROTRACTOR. 

A new sextant protractor having a ten inch circle divided on 
silver to half minutes, was received on March 30th. It was made 
by Fauth & Co., of Washington, D. C, in accordance with plans 
and specifications which were carefully considered and resultant 
from experience. The arms may be securely clamped to the 
circle, and the extension arms are secured in a manner to give 
rigidity and also extensions in straight lines. The spread of the 
arms is seven feet. The cost of this instrument was $206.50. 
A saving of $30 was effected through Mr. H. J. Lewis contract- 
ing for a like instrument at the same time. 

APPLICATIONS. 

During the year I have drawn descriptions for the deeds of 29 
applications. The area deeded and paid for under the same is 
613.22 acres. This makes a total area of 45,667.8 acres deeded 
since June 1st, 1881. The applications now pending for which 
deeds have not been tendered, are 6^ in number, and aggregate 
4,812.4 acres. -Four deeds having an aggregate area of 2,148.1 
acres, are pending. Twenty-seven applications, having an ag- 
gregate area of 1,100.1 acres have been received during the seven 



OF THE STATE OF CONNECTICUT. 23 

months of time covered by this report. Total number of ap- 
plications received is 603. Total area of the same, 90,064.25 
acres. Of this area the sale of 37,435.95 acres has not been ef- 
fected ; the principal causes being rejection of applications and 
cancellation of deeds for non-payment. 

DAILY OCCUPATION. 

I present herewith abstracts accounting for the daily occupation 
of myself and of Messrs. Sanford and Pike, Jr. These are pre- 
pared from my journal and the reports returned to you from the 
field by Mr. D. C. Sanford. 

To summarize : The abstract of my own daily occupation shows 
how varied and constant my labor has been. I have worked on 
nearly all of the general details of the work, and also on many 
special matters which properly demanded attention. 

Mr. D. C. Sanford has spent about two-thirds of his time in 
the plotting of surveys, preparations for setting buoys, and field 
operations relating to buoy work. Work relative to taxes, private 
work for which charge was made, comparing records, and general 
incidental work, has also been executed by him. 

Mr. R. G. Pike, Jr., has been occupied in assisting Mr. Sanford 
in the field, also in making reductions of soundings to the plane 
of mean low water, in buoy work, in assisting in the preparation 
of the tax list, in making a full copy, in ink, of the buoy books 
and indexing the same, in recording on the triangulation work, in 
signal work, and in a variety of general detail work. 

The work performed by him in the tax department includes 
the placing, on a series of tracings, at each lot corner, the depth 
of water at mean low water and also the bottom characteristics. 
The signal work embraces the inspection and repairing of the 
signals east of New Haven. Also the superintending of the 
placing of the large spar at the Highlands, and some work on 
signals west of New Haven. 

EXPENSES ENGINEER DEPARTMENT. 

Salaries, --------- $2,973.52 

Pay of men not under salary, ----- 109.65 

Traveling expenses party in field, - - - - 221.00 

Signals, general repairs and inspection, - 110.04 

Signals, at Highlands and Colyers' Point, ... 66.03 

Lumber, - 43-79 



I 



24 FIFTH REPORT OF SHELL FISH COMMISSIONERS 

Repairs on commission boat, ..... $18.41 

Tools and field supplies, - - 57-8g 

Office supplies, - - 139-83 

Sextant protractor, ten inch circle, .... 206.50 

Ground rent for signals, - - - - - - 16.50 

Traveling expenses of Engineer, ----- 59.01 

Postage, -_- ---... 7.15 

Express charges, -- _-.-_. 4.20 

Telegrams, --------- 2.37 

$4,035-89 
RECEIPTS ENGINEER DEPARTMENT. 

For buoy setting and office work, - - $ : 95-73- 
The cash value of property on hand belonging to the Engineer 

Department, shown by inventory presented herewith, is $1,693.61. 
Property worn out and otherwise not accounted for, cash 

value, $8.45. 

It should be remembered that the greater part of the material 

which comes under the item of office supplies is consumed in the 

prosecution of the work. The same is true to a less extent, 

however, of the field supplies. 

Respectfully submitted, 

JAMES P. BOGART, 
Engineer for Commissioners of Shell Fisheries. 



OF THE STATE OF CONNECTICUT. 25 



Laws Relating to Shell Fisheries. 



Passed at January Session, 1885. 



CHAPTER LV. 

AN ACT FOR THE ENCOURAGEMENT OF OYSTER FARMING. 

Be it enacted by the Senate and House of Representatives in General Assembly 
convened : 

Section i. Any person who shall wilfully deposit or assist in depositing any 
star-fish or periwinkle in any of the navigable waters of this State shall forfeit 
one hundred dollars, one-half to him who shall sue therefor and the other half 
to the State. 

Sec. 2. Chapter forty-three of the public acts of 1883 (page 250) and chap- 
ter one hundred and seven of the public acts of 1884 (page 386) are hereby re- 
pealed. 

Approved, March 31, 18S5. 



CHAPTER LIX. 

AN ACT CONCERNING OYSTER FISHING IN THAMES RIVER. 

Be it enacted by the Senate and House of Representatives in General Assembly 
convened : 

Section i. No person shall take or carry away from the Thames river any 
oyster shells or seed oysters for the purpose of planting the same upon any 
private oyster bed, nor shall any one take or carry away from said river, except 
from his own private bed or beds, more than ten bushels of oysters in any one 
day. 

Sec. 2. Any person who shall violate any of the provisions of this act shall 
be fined not more than seven dollars, or imprisoned not more than thirty days 
or both. 

Approved March 31, 1885. 



26 FIFTH REPORT OF SHELL FISH COMMISSIONERS. 

CHAPTER LXXXIII. 

AN ACT FOR THE PROTECTION OF_ SHELL FISHERIES IN MILL RIVER. 

Beit enacted by the Senate and House of Representatives in General Assembly 
convened : 

Any person who shall take more than one bushel of clams from Mill river, in 
the town of Fairfield, between Jeliff's dam, so called, and the southwestern ex- 
tremity of the breakwater, at one tide, shall be fined not more than seven dollars. 

Approved, April 15, 1885. 

CHAPTER LXXXIX. 

AN ACT CONCERNING THE DUMPING OF REFUSE ON OYSTER GROUNDS. 

Be it enacted by the Senate and House of Representatives in General Assembly 
convened : 

Every person who shall dump mud or other material, except that used in 
making oyster beds, on any of the grounds of this State located and designated 
as oyster grounds, shall be punished by a fine not exceeding fifty dollars or by 
imprisonment in a common jail not exceeding six months. 

Approved, April 16, 1885. 



CPIAPTER CX. 

AN ACT REVISING AND COMPILING THE PROBATE LAWS. 

Be it enacted by the Senate and House of Representatives in General Assembly 

cojivened : 

■x- -:•:- -:, L * * * * 

Sec 167. In the settlement of the estates of deceased persons and insolvent 
debtors before any court in this State, the interest of any such estate in or to 
any oyster grounds, or oysters planted and growing thereon, shall be treated as 
personal estate. 

Approved, April 22, 1885. 



CHAPTER CXV. 

AN ACT RELATING TO PRINTING THE ANNUAL REPORTS. 

Be it enacted by the Senate and House of Representatives in General Assembly 
convened : 

Section i. The comptroller shall annually cause to be printed, at the ex- 
pense of the State, such number of copies of each of the following annual re- 
ports as is hereinafter stated : * * * Of the fish commissioners, one thou- 
sand ; * * * t of the shell fish commissioners, two thousand ; * * * 
and no more than said numbers of such reports shall be printed at the expense 
of the State. 

Sec. 2. No person other than the comptroller shall authorize or contract for 
the printing of any reports made to the Governor or General Assembly. 

Approved, April 23, 1885. 



1 



I 



TWENTIETH REPORT 



B 



o 



W 




ISSIONER 



STATE OF CONNECTICUT, 



General Assembly, 



January Session. 



1886. 



HARTFORD: 
Press of The Case, Lockwood & Brainard Company, 

1885. 



REPORT. 



To His Excellency the Governor, and the G-eneral Assembly 
of Connecticut: 

The Fish Commissioners respectfully present their twen- 
tieth annual report. As the last General Assembly changed 
the fiscal year, so that it now ends on June 30th instead of 
Nov. 30th, as formerly, this report will embrace only the 
seven, months commencing December 1, 1884, and ending 
June 30, 1885. During that time your commissioners have 
hatched and planted 5,733,000 young shad, and distributed 
450,000 young trout among one hundred and fifty applicants. 
In addition to these, they have hatched 100,000 salmon eggs, 
presented to the State by Prof. S. F. Baird, U. S. Fish Com- 
missioner, and placed the young fry in the Farmington river. 

They have also hatched 30,000 Michigan trout eggs, pre- 
sented to the State by Prof. Baird, and placed the young fish 
in one of the streams of Hartford County. 

Details of this work will be found in the following pages. 

Shad. 

The catch of Connecticut River shad in 1885 exceeded that 
of 1884 by about 40,000, the actual numbers reported for 
each year being, for 

1884, . . . 150,045 

1885, . . 190,300 



i 



Increase, . . 40,255 

As usual, the numbers given do not include the entire catch 
of the river, but only from the mouth of the river to Esses. 
They also include the pounds in Long Island Sound, from 
Guilford to Saybrook. Sixty-nine traps are reported as hav- 



FISH COMMISSIONERS REPORT. 



[Jan., 



ing taken 133.000 shad. Two hauling seines caught 8,900 
shad, and fifty-nine gill nets took 48,400 shad. A reference 
to the accompanying report of Mr. Chalker will show the 
details of these fisheries. 



To the Honorable Board of Fish Commissioners : 

Gentlemen: I would respectfully report the catch of shad from 
Guilford to Essex for the season of 1885 to be as follows: 



15 traps in Saybrook, .... 


44,400 


22 traps in West brook, 


52,700 


12 traps in Clinton, . . 


26,000 


IB traps in Madison, .... 


8,400 


7 traps in Guilford, .... 


1,500 



Hauling Seines. 



133,000 



8,900 



2 in Saybrook, ...... 

Other seines below Deep River have been fished occasionally, 
but no catch worth reporting. 



Gill Nets. 




15 in Saybrook, .... 


13,500 


18 in Lyme, ..... 


14,400 


10 at Brock way's Ferry and Hamburg, 


7,000 


7 at Comstock's Ferry, 


6,300 


9 in Essex, 


. ' 7,200 



48,400 



Total, 190,300. 



The first shad was caught April 1 8th, ten days later than the 
previous year. From that time until the last week of May the 
fishing was remarkably good ; after that date to the close of the 
season there was an unusual falling off. 

All of which is respectfully submitted, 

R. B. CHALKER. 
Old Saybeooe, June 29, 1885. 

It is interesting to notice that the number of shad taken 
was larger than the previous year, in spite of the constantly 
increasing number of traps, gill nets, and seines. 

Mr. Henry J. Fenton reports that there was a slight de- 



1886.] FISH commissioners' report. 5 

crease in the catch of shad in the Housatonic River in 1885 

as compared with 1884, the numbers for the respective years 

being 52,000 for 1884, and 50,689 for 1885, though, as in the 

Connecticut River, the number of seines and nets were 

increased. 

Poquonock, Conn., July 1, 1885. 

The catch, of shad on the Housatonic River falls a little short of 

last year. The number of hauling seines increased from 12 to 16, 

and the gill nets frbm 47 to 54. The catch in the hauling seines 

was less than last year, and the catch in the gill nets increased 

about 25 per cent. Whole number taken as per statistics, 50,689; 

as compared with last year, 52,000. 

HENRY J. FENTON. 

Shad Hatching. 

♦ 

Shad-hatching operations were conducted under the super- 
vision of Mr. H. J. Fenton, near the dam at Birmingham, 
on the Housatonic River. The experience of the previous 
year had demonstrated that better results could be obtained 
in that locality, than in any other part of the State. A 
serious difficulty arose at the outset, from the opposition of 
the local fishermen. Although the law forbids any fishing 
for shad between the junction of the Naugatuck and Housa- 
tonic Rivers and the Birmingham dam, it seems that no less 
than fourteen companies have been in the habit of using 
seines and gill nets in the prohibited district in defiance of 
the law and the efforts of the local authorities to prevent it. 
It is even asserted that the fish wardens were supplied with 
shad by these fishermen, and, consequently, did not find it for 
their interest to enforce the law. Mr. Fenton found it 
necessary to associate'with himself for protection, the chief 
of poliee, Mr. Luke Martin, and by constant watching at 
night, and arresting some of the poachers, they succeeded to 
a great extent in preventing these depredations. 

The peculiarities of the situation, as described in the last 
report, are such that it was deemed best to depart from the 
old system of using hatching boxes in the river, and adopt 
the method found so successful at Washington, of hatching 
the eggs in the McDonald hatching jars. Accordingly, 



6 fish commissioners' report. [Jan., 

twenty-live of these jars were procured from Washington, 
and were placed in a small house built for the purpose, where 
they could be protected from evil-doers, and the whole process 
of hatching could be watched with the closest attention. 
The Ousatonic Water Power Company shewed great interest 
in the work, and cooperated with the commissioners in 
furnishing every facility for the experiment. An orifice was 
made in the bulk-head of the dam, by which a constant sup- 
ply of water for the jars was procured from the river. It 
will be seen from Mr. Fenton's report that the operations 
were very successful, and more than five and a half millions 
of young shad were hatched. These were distributed as 
follows : 

Connecticut River, . . ,2,254,000 

Housatonic Eiver, . . 1,969,800 

Thames River, . . 882,000 

Quinnipiac River, . . 627,200 

Mr. Fenton's report will show the details of the work. 

June 29, 1885. 
To the Honorable Board of Fish Commissioners : 

Gentlemen : — I herewith submit to you my report of shad- 
hatching operations on the Housatonic River at Birmingham, 
Conn., for the year 1885. I completed the new shad-hatching 
house, as per your orders, the 15th of May, in the dry canal of the 
Ousatonic Water Company, who kindly gave me the privilege .to 
erect the building there, and the use of all the water necessary to 
conduct the hatching, by putting a pipe through their head -gate 
into the pond, which made a most desirable location to operate 
the McDonald Shad -Hatching Jars. The jars arrived from 
Washington, D. C, in good condition, in time to commence taking 
spawn the 18th of May, and I continued taking them until the 
16th day of June. The jars worked to my entire satisfaction, and 
with the most satisfactory results; the loss of eggs being a mere 
trifle, scarcely two per cent., while, by the old method, the loss 
was from five to fifteen per cent. The number of eggs taken each 
day, and the fish planted, willbe seen by the written report, all of 
which is respectfully submitted. 

Yours very truly, HENRY J. FENTON, 

Superintendent of .Fish Hatcheries. 



1886.] 



FISH COMMISSIONERS' REPORT. 



Report of Shad-Hatching Operations on the Housatonic River, at 
Birmingham, Conn., Conducted by Henry J. Fenton, Superin- 
tendent : 





Temp, of 












Water. 










Date. 




No. of Eggs 
Taken. 


No. of Fish 
Planted. 


Remarks as to Place of Deposit, 


etc. 












a 

u 

o 


a5 

> 










May 














18, 


63 


63 


40,000 








19, 


63 


64 


60,000 








20, 


64 


64 


90,000 








21, 


64 


66 


80,000 








22, 


66 


68 


180,000 








23, 


68 


68 


360,000 








24, 


69 


69 






Sunday. 




25, 


68 


68 


540,000 








26, 


68 


68 


560,000 








27, 


66 


66 


640,000 


490,000 


Connecticut River. 




28, 


66 


66 


480,000 








29, 


66 


66 


360,000 


548,800 


Housatonic River. 




36, 


66 


66 


400,000 


784,000 


Connecticut River. 




31, 


66 


66 






Sunday. 




June 














1, 


64 


64 


400,000 


627,200 


Quinnipiac River. 




2, 


64 


64 


330,000 


122,500 


Housatonic River. 




3, 


64 


64 


390,000 


588,000 


Connecticut River. 




4, 


62 


64 






Heavy showers, no fishing. 




5, 


64 


66 






" " " 




6, 


64 


64 






High water, no fish caught. 




7, 


62 


62 






Sunday. 




8, 


64 


64 


180,000 


392,000 


Connecticut River. 




9, 


64 


64 


60,000 


392,000 


Thames River. 




10, 


66 


66 


100,000 








11, 


68 


68 


240,000 


294,000 


Housatonic River. 




12, 


68 


68 






Caught all male shad. 




13, 


68 


68 


30,000 


416,500 


Housatonic River. 




14, 


68 


68 






Sunday. 




15, 


70 


70 


240,000 


490,000 


Thames River. 




16, 


72 


72 


90,000 


264,600 


Housatonic River. 




17, 


76 


76 










18, 


78 


78 










19, 


78 


78 




323,400 


Housatonic River. 




20, 


78 


78 






Total number fish planted. 






5, 850; 000 


5,733,000 





As a sequel to this report, two clippings from New Haven 
papers, the first from the New Haven Palladium of June 26, 



8 fish commissioners' report. [Jan., 

1885, and the second from the same paper of Aug. 11, 1885, 
are here given to illustrate some of the difficulties in the 
way of successful fish propagation : 

" Poison in the Housatonic. 

" A large lot of chemicals used at the Wilkinson paper mills m 
Shelton was emptied into the Housatonic river on Thursday, and 
soon many fish floated on the water. Men and boys seemed to go 
crazy with excitement at seeing so many fish at their mercy. 
Boats were procured and soon the river was alive with men and 
boys, some in a state of nudity, gathering large shad and other 
fish that. had not life enough in them to escape their pursuers. 
Several hundred of fish must have been thus caught, although 
who would wish to eat them is a mystery, and spectators standing 
on the bridge saw many float down the river, whose waters were 
discolored with the acids far below the rink. If the water was so 
poisonous to the large fish what must it have been to the millions 
of young shad that have been hatched and emptied into the river 
the past season."' 

"Shelton. 

"The usual slaughter of fish took place yesterday. The paper 
mill emptied its refuse into the river and the chemicals in solution 
immediately filled the water with dead fish. Large bass, pickerel, 
shad, and others went floating down. Parties in boats secured 
large numbers. Several thousand dollars are expended on the 
river every year in hatching and stocking its waters with fish. 
From three to four times a year chemicals are dumped and all fish 
in the track are killed." 

The statement in the latter article as to the amount 
expended is incorrect. The actual sum for the current year 
was less than one thousand dollars. 

Brook Trout. 

Your commissioners distributed 450,000 brook trout to one 
hundred and fifty applicants in lots of 3,000 each. 

For the purpose of obtaining information which might be 
useful to the General Assembly as well as to the Fish Com- 
missioners, a circular was prepared and sent to fifty-four 



1886.] FISH commissioners' report. 9 

representative men of the State, who had received young 
trout from the commissioners within the last three years. 
A copy of the circular is here inserted : 

STATE FISH COMMISSION". 

Hartford, Conn., September, 1885. 
Dear Sir : 

We are desirous of ascertaining what effect, if any, the distri- 
bution of young trout by the State, during the past three years, 
has had upon the streams and waters of the State. 

Will you please answer the following questions, adding such 
remarks as may seem pertinent to the subject: — 

1st. Has there been a notable increase either in numbers or 
size, of trout, in streams stocked by you ? 



2d. Do you know of any case where trout are now to be found 
in abundance, in streams which, previous to the stocking by the 
State, were entirely barren ? 



3d. In your opinion, has the experiment of restocking trout 
streams been a success, and should the work be continued ? 



Remarks. 



i 



Please sign and return to 

Dr. WM. M. HUDSON, 

Hartford, Conn. 

To these fifty-four circulars, twenty-seven replies have 
been received, being exactly one-half the number. 

Of these twenty-seven, twenty-four answer the first 
question in the affirmative, one does not know the result, 
and the remaining two report unfavorably. 

2 



10 fish commissioners' report. [Jan., 

To the second question, ten reply in the affirmative, two 
in the negative, and the remainder have not attempted to 
stock any brook entirely barren. 

To the third question, twenty-three reply in the affirma- 
tive, two are in doubt, and two reply in the negative. 

kSome of the comments are so interesting that a few 
extracts will be given. 

One gentleman writes : " The real difficulty about our 
failure to get large trout is : the open season is too long, and 
all trout under six inches in length should be returned to 
stream, and violators of law should be punished." 

Another gentleman writes : " I think the law should be 
amended so that trout not less than six inches should be 
taken. I have not for many years known the trouting so 
good as it has been this season. There is no question, but 
that we can have as good trouting in Connecticut as there is 
in any State in New England, if the people will only avail 
themselves of the opportunity which the State Fish Com- 
mission offers." 

Another gentleman writes : " It has been a success and 
should be continued, certainly, but some means should be 
devised to prevent the taking of the yearling trout. Fully 
three-quarters of the fry put in, that live through the winter, 
are taken out the following spring, and if this could be 
prevented, the advantage of the re-stocking would be very 
much increased." 

Another writer says : " Personally I did not fish any last 
spring, but the angling for trout was better than at any time 
in twelve years." 

Another writes : " Having been sick, I have not been out 
this past year, but, according to all accounts, there have been 
more trout and larger ones than for many years. A notable 
catch was made by Gen. Wm. Gr. Ely and son, one morning 
early in the season, of twenty trout that weighed twenty-one 
pounds, taken from running water, not a preserve." 

Another writes : " I distributed the trout I received in six 
different brooks or streams, and each one of them is over- 
flowing with trout." 



1886.] FISH commissioners' report. 11 

Another writes : " I do not think the restocking can now be 
deemed an experiment ; it is a welcome fact to all interested, 
and its discontinuance would be a money loss to many of our 
citizens, and a loss for recreation to many who value what 
the State has done." 

Another writes ; " I have placed trout in ten differ- 
ent streams in New Britain, Farming-ton, Bristol, South- 
ing-ton, and Berlin, and I find there has been a large 
increase in every case but one ; the very dry weather of two 
years ago killed the young trout in this brook." 

Of the two letters mentioned above as. furnishing unfavor- 
able returns, the first writer says, " I put most of those I 
received in a stream in Cornwall running into town of 
Canaan. Cornwall passed a two-year law which advertised 
it, so when the law was off the trout disappeared very fast. 
If the laws could be enforced we could then succeed." 

The other unfavorable reply is given in full, as it is from 
a gentleman well known in the State. 

Fairfield, Conn., Sept. 22, 1885, 
Dr. Wm. M. Hudson, Fish Commissioner : 

Dear Sir, — I received a short time since a communication from 
your commission requesting information concerning the trout 
fry placed in our streams by the State. I have mislaid your cir- 
cular but will endeaver to answer inquiries so far as I recollect 
them. The first young fish, of the placing of which I have had 
any knowledge, were put in our streams three years ago, since that 
time I have not fished any of the streams, as fry have been put in 
each year since, and I have preferred to wait until the fish had a 
fair chance to grow and multiply, if they are going to. I have 
several times heard, from persons who did not know that the 
streams had been stocked, that there seemed to be a number of 
small fish in certain streams ; whether they were trout or not f 
cannot say. Next year I propose to fish the different brooks in 
which trout have been placed, and will bear it in mind 'to inform 
you of the apparent results of the stocking of the streams. 

It has always been my opinion that the State made a mistake in 
stocking the streams with trout, as, for some reason or other, our 



! 



12 fish commissioners' report. [Jan., 

trout brooks have run out, and I doubt very much if they can be 
successfully brought back. If pickerel were put in our rivers and 
black bass in our ponds I believe a more practical benefit would 
be derived from it by the people of the State. Trout and salmon 
stocking cannot, even if fairly successful, be of much practical ben- 
efit to our people ; the fish are and always will be luxuries, the eat- 
ing and catching of which can be enjoyed only by a limited few. 
Pickerel and black bass seem to be prolific and to thrive if put in 
the right places, and I believe in a few years our rivers and lakes 
would fairly teem with fish if these were substituted for trout. 
I have been much pleased to see that the shad hatching is appar- 
ently producing so good results. 

Very truly yours, 

WM. B. GLOVER. 

It will be noticed from the letter of Judge Glover that he 
is in favor of distributing pickerel and black bass among the 
lakes of the State, though opposed to the restocking of the 
streams with trout. It should be stated that with the excep- 
tion of Judge Glover's letter, none of the replies have been 
inserted in full, in this report. The letters are all in the 
hands of the commissioners, and can be seen by any person 
interested, by application to the Fish Commissioners. A list 
of those persons who received 3,000 trout each from the State 
during the past year is here given. 

Distribution of Brook Trout Fry for the year 1885, 3,000 to each of 
the following persons : 

Wm. D. Bishop, Bridgeport. John Porteous, Norwich. 

J. M. Crampton, New Haven. W. G. Smith, Birmingham. 

Ezra Clark, Hartford. W. S. Downs, Birmingham. 

Dr. A. M. Shew, Middletown. B. J. Smith, Milford. 

A. G. McKee, Middletown. R. P. Wakeman, Southport. 
W. E. Wilcox, Meriden. H. A. Lyman, Southport. 

B. N. Palmer, Greeneville. H. C. Wilcox, Meriden. 
John A. Morgan, Greeneville. E. C. Sherwood, Southport. 
Chas. D. Wooding, Cheshire. A. E. Goddard, Essex. 

Z. R. Robbins, Jr., Norwich. E. Z. Webster, Norwich. 

A. Mitchell, Norwich. ^ John Irish, Norwich. 



1886.] 



FISH COMMISSIONERS REPORT. 



13 



Wm. B. Glover, Fairfield. 
W. W. B. Markham, E. Hampton. 
R. C. Dunham, New Britain. 
J. P. Bartlett, New Britain. 

E. R. Baker, East Hampton. 
Geo. M. Gunn, Milford. 
Hon. J. D. Chaffee, Mansfield. 
P. H. Hanks, Mansfield. 

0. S. Chaffee, Mansfield. 
C. A. Royce, Mansfield. 
W. J. Cooley, Stafford. 
Wm. H. Smith, Stafford. 
J. Wood, Coventry. 
J. Thompson, Coventry. 
Mason Ellsworth, Ellington. 
J. A. Brown, Willington. 
"Wm. Ruby, Willington. 
J. S. McFallon, Champlin. 
Merrick Barton, Champlin. 
Miss P. J. Walker, Union. 
Levi A. Reed, Union. 
A. R. T. Nichols, Fairfield. 
Hon. J. W. Alsop, Middletown. 
J. H. Pease, P. M., New Britain. 

F. L. Hungerford, New Britain. 
J. C. Broatch, Middletown. 
Silas Robinson, Middletown. 
Geo. Chaffee, Middletown. 

E. L. Prior, New Britain. 
R. S. Gladwin, Hartford. 
Geo. 0. Hull, Hartford. 
M. H. Whaples, Hartford. 
J. S. Kirkham, Newington. 
C. E. Woodward, Warehouse Pt. 
Martin Keeler, Warehouse Point. 
C. L. Heath, Warehouse Point. 
Wm. R. Parker, Warehouse Pt. 
W. L. Sargent, Norwich. 
J. C. Capen, Bloomfield. 



T. C. Naedele, Hartford. 
J. P. Hall, Hartford. 
J. W. Sage, Portland. 
D. Allen, West Hartford. 
R. N. Parish, Oakdale. 
Norris Holcomb, Bloomfield. 
J. E. Duley, Hartford. 
Geo. P. Pickett, Litchfield. 
Geo. M. Holland, Hartford. 
S. S. Ambler, Bethel. s 
Daniel Van Riper, Bethel. 
Oliver Sloan, Bethel. 
F. T. Shoomaker, Bethel. 
N. D. Sevin, Norwich. 
J. H. Arnold, Norwich. 

D. M. Lester, Norwich. 

0. T. Hungerford, New Hartford. 

E. H. Stone, New Hartford. 
Thos. A. Lake, Woodstock. 
P. Mathewson, Center Village. 
P. Corbin, New Britain. 

S. C. Dunham, New Britain. 
Anson Cooley, North Granby. 

C. B. Stephens, North Granby. 
Geo. P. McLean, Simsbury. 

L. G. Goodrich, Simsbury. 
T. E. Beard, Birmingham. 
Wells Allis, Birmingham. 
T. A. Cook, Cheshire. 
Chas. F. Corbin, New Britain. 

D. M. Lester, Norwich. 
J. P. Safford, Windsor. 
Wm. S. White, Birmingham. 
Chas. N. Allen, Putnam. 
Levi Stone, Gaylordsville. 

N. Staub, New Milford. 
M. J. Houlihan, Newtown. 
A. W. Paige, Danbury. 
Geo.' Cook, Riverton. 



u 



FISH COMMISSIONERS' REPORT. 



[Jan.. 



L. L. Warner, Middletown. 
H. Warner, Middletown. 
Thos. P. Bristol, Brookfield. 
A. N. Wildman, Danbury. 
Chas. H. Clark, Milldale. 
Geo. D. Goodrich, Vernon. 
L. B. Gary, Newington. 
John M. Nickerson, Redding. 
Chas. Porter, Redding. 
Uriah Griffin, Redding. 
P. S. Burrall, Lime Rock. 
S. P. Ensign, Lime Rock. 
Hon. M. B. Richardson, Lime Rk. 
E. A. Demming, Sharon. 
C. H. Case, Hartford. 
U. S. Andrews, Hartford. 
Geo. W. Cowdery, East Canaan. 
C. E. Goodrich, Hartford. 
Stephen Goodrich, Hartford. 
C. P. Poindexter, E. Weatogue. 
J. H. Holcomb, East Weatogue. 
Wheeler Case, West Simsbury. 
L. B. Jewell, Hartford. 
S. L. Way, Hartford. 
Robert F. Way, Hartford. 

Whole number applicants 150. 

The above list I hereby certify 

Attest, 



E. Nichols, Southington. 
J. H. Pratt, Southington. 
J. F. Pratt, Southington. 
W. E. Simonds, Canton. 
Silas Chapman, Jr., Hartford. 
C. T. Inslee, Warehouse Point. 
C. L. Cowdery, Hartland. 

0. P. Cowdery, Hartland. 
Geo. W. Emmonds, Hartland. 
A. W. Allen, Thompson ville. 
Hiram W. Wheeler, Sherman. 
John Steward, Thompsonvilie. 
Dr. H. B. Steele, WestWinsted. 
Rufus Holmes, West Winsted. 
Albert Kelsey, Colebrook. 

F. H. Whittelsey, Warehouse Pt. 
E. S. Rice, Norwich. 

Dr. G. H. Finch, Thompsonvilie. 
John Middleton, Melrose. 
Chas. J. Cole, Hartford. 
J. M. Taylor, Hartford. 
J. A. Bushnell, Winsted. 
H. L. Bunce, Hartford. 

E. M. Bunce, Hartford. 

F. D. Rockwell, Hartford. 

to be correct. 
HENRY J. FENTON, 

Superintendent. 



Salmon. 

Prof. S. F. Baird, the U. S. Fish Commissioner, presented 
to the State 100,000 eggs of the Penobscot salmon, which 
were sent to Mr. Fenton to be hatched. The young fry 
were all placed in the Farmington River. 

Prof. Baird also ordered 30,000 Michigan trout eggs to be 
sent to this State, and these were also sent to Mr. Fenton to 
be hatched. The facts regarding the hatching and distribu- 



1886.] FISH commissioners' report. 15 

tion of both of these presents of eggs, may be found in Mr. 
Fenton's letter, here given : 

Poquonock, Conn., 1885. 

"I received from Mr. H. H. Buck 100,000 Penobscot salmon 
eggs, which were in perfect condition; only 26 dead eggs were 
unpacked, and lost but 23 while in process of hatching, and but 
18 young fish while in the troughs before planting, making the 
total loss 67, the fry, 99,923 were planted in the Farmington River 
at Cherry Brook all in good condition. 

" There were shipped to me from Northville, Michigan, 30,000 
brook trout eggs, a donation from U. S.. Fish Commissioner S. 
F. Baird, and upon their arrival here, were so badly frozen that it 
was necessary to thaw the trays out, before the eggs could be 
separated from the moss, and there was but 11,400 fry that 
matured to be planted; these were placed in a stream in Glaston- 
bury. H. J. FENTON." 

Salmon are sometimes taken in the waters of the State in 
rather unusual ways. Here is a specimen of one taken 
January 10, 1885, in Crystal Lake, Ellington : 

" Crystal Lake, on the 10th hist., yielded a salmon of large size. 
John Hunter saw it in shallow water at the south end of the lake, 
and made ' double quick ' time for Mr. Parkil Aborn's gun, with 
which he shot it. It weighed six pounds, and measured 27 inches 
in length, and 14 inches around. Its tail when spread was 8 inches 
wide. Your correspondent can testify to its fine flavor." 

No money having been appropriated by the General As- 
sembly for the hatching of salmon eggs, all presents of this 
kind will necessarily be refused in the future. 

German Carp. 

It was stated in a previous report that on Dec. 21, 1881, 
thirty German carp were put into the Park pond in, the city 
of Hartford, and that in August, 1883, when the water was 
drawn off, only four carp of a uniform size of about two 
pounds in weight were found. One of these died and the 
remaining three were returned to the pond. In the fall of 



16 fish commissioners' report. [Jan., 

1888, about thirty more carp were placed in the same pond, 
and now in the summer of 1885, the pond is teeming with 
carp of various sizes, from four ounces to five pounds in 
weight. Mr. Clark of the Board of Water Commissioners 
removed one hundred and seventy-eight to the great collect- 
ing reservoir in Farmington, and yet the pond seems to still 
abound in them. This of course demonstrates that the older 
ones at least seem to have found suitable places for breeding 
purposes, and that the young fry thrive in this water. These 
fish have furnished much pleasure to the people of the city 
by their greediness to seize upon bits of bread or cracker 
thrown into the water, gathering like chickens at the first 
sign of food. 

FiSHWAYS. 

No further action has been taken in reference to the build- 
ing of fishways. A recent letter from Col. McDonald states 
that the work of constructing fishways over the Great Falls 
of the Potomac is progressing, and will probably be com- 
pleted this year. It is hoped that this may solve the great 
problem of passing shad through fishways, and the result 
will be watched with the greatest interest. Col. McDonald's 
letter is here inserted : 

Washington, D. C, Sept. 8, 1885. 
Dr. W. M. Hudson, 

Commissioner of Fisheries, Hartford, Conn. 
Dear Sir: The Great Falls Fishways are now being built by 
contract under Government supervision, and are to be completed 
by October 31st, unless for sufficient reasons the engineer in charge 
extends the time. The work, I am informed, is progressing rap- 
idly and satisfactorily. You will certainly be able to inspect it 
completed at an early date. Trusting to see you in Washington, 
I am yours truly, 

m. Mcdonald. 

In conclusion the Commissioners would tender their thanks 
to the various railroad companies of the State for the facili- 
ties furnished for the moving of young fish, and care and 
attention to them while on the road. 



1886.] FISH commissioners' report. IT 

The financial statement follows the report. 

A list of Fish Commissioners of other States, carefully 
compiled by Forest and Stream, is also inserted for reference. 

In the Appendix will be found the laws of the last General 
Assembly relating to fisheries. 

All of which is respectfully submitted. 

WM. M. HUDSON,) 

R. G. PIKE, V n ... 

T a nr-no a -r.T-r r Commissioners. 

JAMES A. BILL, J 



FINANCIAL STATEMENT. 



Amount available Dec. 1, 1884, 

1884. 

Dec. 13, Paid R. B. Chalker for collecting 

shad statistics of 1884, - 
1'885. 

April 16, Paid H. J. Fenton, 200,000 trout, 
May 4, Paid H. J. Fenton, 250,000 trout, 
May 4, Paid H. J. Fenton, hatching and dis 

tributing 100,000 salmon and 

30,000 Michigan trout, - 
May 4, New Fish Cans, 
May 19, 25 shad-hatching jars, 
June 8, Shad Hatching-House at Birming 

ham, 
June 25, Paid R. B. Chalker, shad statistics 

of 1885, - 
June 29, Paid H. J. Fenton, shad hatching, 
Commissioners' pay and expenses, 



,991.50 



$25.00 

600.00 
750.00 



174.90 

21.00 

135.00 

109.68 

25.00 
600.97 
549.95 
,991.50 



FISH COMMISSIONERS. 



Dominion of Canada. 
' John Tilton, Deputy Minister of Fisheries, Ottawa, Ont. 

Province of New Brunswick. 
W. H. Venning, Inspector of Fisheries, - St. John. 

Province of Nova Scotia. 
W. H. Rogers, Inspector, - - - Amherst. 

Province of Prince Edward's Island. 
J. H. Duvar, Inspector, ■ - - Alberton. 

Province of British Columbia. 
George Pittendrigh, Inspector, - - New Westminster. 

Province of Manitoba and Northwest Territories. 

Alex. McQueen, Inspector, - - Winnipeg, Man. 

S. Wilmot, Superintendent of Fish Culture, Newcastle, Ont. 

The United States. 
Prof. Spencer F. Baird, - - - Washington, D. C. 

Alabama. 

Col. D. R. Hundley, - - - Huntsville. 

Hon. Charles S. G. Doster, - - Prattville. 

Arizona. 

J. J. Gosper, .... Prescott. 

Richard Rule, .... Tombstone. 

J. H. Taggart, Business Manager, • Yuma. 



20 



FISH COMMISSIONERS' REPORT. 

Arkansas. 



[Jan., 



James H. Hornibrook, 
H. H. Rottaken, 



California. 



R. H. Buckingham, President, 

A. B. Dibble, Secretary and Treasurer, - Grass Valley. 



Little Rock. 
Little Rock. 



Washington. 



J. D. Redding, 


Colorado. 


- San Francis 


John Pierce, 


Connecticut. 


- Denver. 


Dr. Wm. M. Hudson, 


- 


- Hartford. 


Robert G. Pike, - 


- 


- Middletown. 


James A. Bill, 


Delaware. 


- Lyme. 


Enoch Moore, 


- 


- Wilmington 



Georgia. 

Hon. J. T. Henderson, Com. of Agriculture, Atlanta. 
Dr. H. H. Cary, Supt.- of Fisheries, - LaGrange. 



Illinois. 



N. K. Fairbank, President, 
S. P. Bartlett, Secretary, - 
Maj. Geo. Brenning, 



Enos B. Reed, 



A. W. Aldrich, 
A. A. Mosher, 



S. Fee, 



Indiana. 



Iowa. 



Kansas. 



Chicago. 

Quincy. 

Centralia. 



Indianapolis. 



Anamosa. 
Spirit Lake. 



Wamego. 



1886.] 



FISH COMMISSIONERS' REPORT. 



21 



Kentucky. 



Wm. Griffith, President, 
P. H. Darby, 
John B. Walker, - 
Hon. C. J. Walton, 
Hon. John A. Steele, 
W. C. Price, 
Dr. W. Van Antwerp, 
Hon. J. M. Chambers, 
A. H. Goble, 
J. H. Mallory, 



- Louisville. 

- Princeton. 

- Madison. 

- Munfordville. 

- Versailles. 
• Danville. 

- Mt. Sterling. 
Independence, Kenton Co. 

- Catlettsburg. 

- Bowling Green. 



Maine. 
E. M. Stillwell, .... Bangor. 
Henry O. Stanley, - - - - Dixfield. 

Commissioners of Fish and Game. 
B. W. Counce, .... Thomaston. 
Commissioner of Sea and Shore Fisheries. 



G. W. Delawder, - 
Dr. B. W. Humphries, 



Maryland. 



Massachusetts. 



E. A. Brackett, 

F. W. Putnam, 
E. H. Lathrop, 

Michigan. 
Dr. J. C. Parker, - 
John H. Bissell, 
Herschel Whitaker, 
W. D. Marks, Superintendent, 
A. J. Kellogg, Secretary, - 

Minnesota. 

1st District — Daniel Cameron, 

2d District — Wm. M. Sweney, M.D., 

3d District — Kobt. Ormsby Sweeny, Pres't, 

S. S. Watkins, Superintendent, 



Oakland. 
Salisbury. 



Winchester. 
Cambridge. 
Springfield. 



Grand Rapids 

Detroit. 

Detroit. 

Paris. 

Detroit. 



La Crescent. 
Red Wing. 
St. Paul. 
Red Wino;. 



22 



PISH COMMISSIONERS 7 REPORT. 
Missouri. 



[Jan., 



J. G. W. Steedman, 2,803 Pine Street, 

John Reid, 

Vacancy. 



Nebraska. 



W. L. May, 

R. R. Livingston, - 

B. E. B. Kennedy, - 



Hon. Hubb G. Parker, 



Nevada. 



New Hampshire. 



St. Louis. 
Lexington. 



Fremont. 

Plattsmouth. 

Omaha. 



Carson City. 



George W. Riddle, 

Luther Hayes, 

E. B. Hodge, 

E. B. Hodge. Superintendent. 


- Manchester. 
■ Milton. 

- Plymouth. 




New Jersey. 




Richard S. Jenkins, 
William Wright, - 
F. M. Ward, 


Neiv York. 


- Camden. 

- Newark. 

- Newton. 



Hon. R. Barnwell Roosevelt, President, 

17 Nassau Street, - - - New York. 

Gen. Richard U. Sherman, Secretary, New Hartford, Oneida Co. 
Eugene G. Blackford, 809 Bedford Avenue, Brooklyn. 
William H. Bowman, - - - Rochester. 

Superintendents: Seth Green, Rochester; Fred Mather, Cold 

Spring Harbor ; Monroe A. Green, Mumford, Monroe County; 

F. A. Walters, Bloomingdale, Essex County. 



North Carolina. 



M. McGehee, 

Logan Terrell, Assistant, 



Raleigh. 
Raleigh. 



1886.] 



FISH COMMISSIONEES' REPORT. 
Ohio. 



23 



Col. L. A. Harris, President, - - Cincinnati. 

George Daniels, ... - Sandusky. 

James Dority, .... Toledo. 

Henry Douglas, Superintendent, - - Sandusky. 

Pennsylvania. 

John Cay, President, - - . Greensburg. 

H. H. Derr, Secretary, - - - Wilkesbarre. 

Arthur Maginniss, Swift Water, - - Monroe County. 

A. M. Spangler, Corresponding Secretary, Philadelphia. 



Aug. Duncan, Treasurer, 
Charles Porter, 



John H. Barden, - 
Henry T. Eoot, 
Col. Amos Sherman, 



Rhode Island. 



Chambersburg. 
Corry. 



Rockland. 

Providence. 

Woonsocket. 



South Carolina. 



Hon. A. P. Butler, Com'r. of Agriculture, Columbia. 
C. J. Huske, Superintendent of Fisheries, Columbia. 



Tennessee. 



W. W. McDowell, - 
H. H. Sneed, 
Edward D. Hicks, - 



Hiram A. Cutting, 
Herbert Brainard, 



Col. Marshall McDonald, 



C. S. White, President, 
N. M. Lowry, Secretary, 
F. J. Baxter, Treasurer, 



Vermont. 

Virginia. 
West Virginia. 



Memphis. 

Chattanooga. 

Nashville. 



Lunenburgh. 
St. Albans. 



Berryville. 



Romney. 
Hinton. 
Braxton Court House. 



24 



FISH COMMISSIONERS' REPORT.' 



[Jan., 



Wisconsin. 

The Governor, ex officio. 

Philo Dunning, President, - - - Madison. 

C. L. "Valentine, Secretary and Treasurer, Janesville. 

J. V. Jones, .... Oshkosh. 

A. V. H. Carpenter, - • - Milwaukee. 

Mark Douglass, .... Melrose. 

C. Hutchinson, - - - - Beetown. 

James Nevin, Superintendent, - - Madison. 



Wyoming Territory 

Dr. M. C. Barkwell, Chairman, 

Otto Gramm, Secretary, 

N. L. Andrews, 

E. W. Bennett, 

P.. J. Downs, Evanstown, - 

T. T. Quinn, 



• Cheyenne. 

- Laramie. 

- Buffalo, Johnson Co. 
Warm Springs, Carbon Co. 

- Uinta County. 
Lander, Sweetwater Co. 



APPENDIX. 



CHAPTER IV. 

An Act prohibiting Fishing in Orcuttville Reservoir Pond. 

Be it enacted by the Senate and House of Representatives in General 
Assembly convened: Section 1. No person shall take any fish 
from the waters of Orcuttville Reservoir pond in the town of Staf- 
ford, between the first day of November in each year, and the first 
day of April following. 

Sec. 2. Any person violating this act shall be fined not less than 
five nor more than seven dollars. 

Approved, February 25, 1885. 

CHAPTER XV. 

An Act concerning the Sale of Brook Trout. 

Be it enacted by the Senate and House of Representatives in General 
Assembly convened: Section 1. Every person who shall sell or 
exchange or offer or expose for sale or exchange in this state any 
dead brook trout less than six inches in length shall be fined not 
more than seven dollars. 

Sec 2. This act shall take effect from the date of its approval. 

Approved, March 10, 1885. 

CHAPTER XXIII. 

An Act repealing an Act relating to Fishing in Columbia Reservoir. 

Be it enacted by the Senate and House of Representatives in General 
Assembly convened: Chapter sixty-two of the public acts of 1884, 
entitled "An Act relating to Fishing in the Columbia Reservoir," 
is hereby repealed. 

Approved, March 19, 1885. 






26 fish commissioners' report. [Jan., 

CHAPTER XXVII. 

An Act concerning Fishing in Community Lake, Wallingford. 

Be it enacted by the Senate and House of Representatives in General 
Assembly convened: Section 1. No person shall take any fish 
from Community Lake or the creeks running into or connected 
with the same in the town of "Wallingford, prior to the fifteenth 
day of April, 1887. 

Sec. 2. Any person who shall violate the provisions of this act 
shall be fined not more than seven dollars. 

Approved, March 19, 1885. 

CHAPTER XXVIII. 

An Act relating to Fishing in Lake Kenosia. 

Be it enacted by the Senate and House of Representatives in General 
Assembly convened: Chapter seventeen of the public acts of 1882, 
entitled "An Act relating to Fishing in Lake Kenosia," is hereby 
amended to read as follows: "Every person who shall take any 
fish from the waters of Lake Kenosia, in the town of Danbury, 
between the fifteenth day of November in each year and the fif- 
teenth day of April following, until and including the year 1888, 
shall be fined for each offense not more than seven dollars. 

Approved, March 19, 1885. 

CHAPTER XXIX. 

An Act concerning Fishing in Birge's Pond in the Town of Bristol. 

Be it enacted by the Senate and House of Representatives in General 
Assembly convened : Section 1. No person shall take any fish from 
Birge's pond, in the town of Bristol, prior to the first day of Jan- 
uary, 1888. 

Sec 2. Any person who shall violate the provisions of this act 
shall be fined not more than seven dollars. 

Approved, March 19, 1885. 

CHAPTER XXXVII. 

. An Act to regulate Fishing in Cherry Pond. 

Be it enacted by the Senate and House of Representatives in General 
Assembly convened : Section 1. Every person who shall draw any 
seine or net for the purpose of taking fish in Cherry Pond, lying 
in the towns of Avon and Canton, or who shall take fish from said 



1886.] fish commissioners' report. 27 

pond in any other manner than by hook and line, shall be fined 
for every such offense not more than seven dollars. 

Sec. 2. Any grand juror of either of said towns may make 
•complaint for, and any justice of the peace residing in either of 
said towns shall have jurisdiction of, any offense committed in 
violation of this act. 

Sec 3. Chapter twenty of the public acts of 1884 (page 332) 
is hereby repealed. 

Sec. 4. This act shall take effect from its passage. 

Approved, March 24, 1885. 

CHAPTER LVII. 

An Act relating to Fishing in Lake Washinee. 

Be it enacted by the Senate and House of Representatives in General 
Assembly convened: Section 1. Every person who shall take or 
-assist in taking fish from that portion of Lake Washinee, in the 
town of Salisbury, lying north and west of the bridge of the Hart- 
ford and Connecticut Western Railroad Company across said lake, 
during the five years next succeeding June first, 1885, shall be 
fined not more than seven dollars. 

Sec. 2. So much of chapter thirty-six of the public acts of 
1883 (page 247) as relates to Lake Washinee is hereby repealed, 
and the provisions of said chapter shall hereafter apply to Lake 
Wononscopomoc only. 

Approved, March 31, 1885. 

CHAPTER LVIII. 

An Act concerning the Stealing of Fish. 

Be it enacted by the Senate and House of Representatives in General 
Assembly convened: Any person who shall, between sunset and 
sunrise, steal, or attempt to steal, fish from any pound, weir, or 
net within any of the waters of this state, shall be punished by a 
fine not exceeding one hundred dollars, or by imprisonment not 
more than sixty days, or by such fine and imprisonment both. 

Approved, March 31, 1885. 

CHAPTER XCVII. 
An Act for the Protection of Shad in Farmington River. 
Be it enacted by the Senate and House of Representatives in General 
Assembly convened: Section 1. Any person who, between the 



28 fish commissioners' report. [Jan.,. 

first day of April and the twentieth day of Jane, inclusive, in each 
year, shall, for the purpose of catching, disturb the shad in Farm- 
ington River, between the east end or side of the Mud Seine fishing 
place, so called, in the town of "Windsor and a line drawn across 
said river at right angles thereto at the mouth of "White Brook, in 
said town, or who shall drive or attempt to drive any shad in said 
river out of and beyond said limits, or who shall catch any shad 
except with gill net within said limits, shall forfeit one hundred 
dollars for every such offense, one-half to him who shall sue 
therefor and one-half to the state. 

Sec. 2. This act shall take effect from the date of its approval. 

Approved, April 22, 1885. 



EEPOET 



TAX COMMISSION 



GENERAL ASSEMBLY OF 1886. 



Printed by Order of the House of Representatives. 



HARTFORD, CONN.: 

Press 'of The Case, Lockwood & Brain ard Company. 

1886. 



Slate of Connecticut. 



To the General Assembly now in session, at its January /Ses- 
sion 1886 : 

The Commission appointed under the resolution, approved 
April 4, 1884, " authorizing the Governor to appoint a com- 
mission to consider the subject of State Taxation," respect- 
fully submit the following preliminary report. 

The object for which the Commission was constituted is 
stated in the resolution above referred to as follows : " to 
consider and report to the General Assembly a comprehen- 
sive plan for providing a revenue for the State, having due 
regard to all the tax-paying interests of the State, and avoid- 
ing as far as practicable double taxation." (Special Acts of 
1884, page 1031.) 

At our first meeting, held in 1884, it was voted " That the 
commission, under the terms of the resolution, and of the 
Governor's Message leading to the resolution of the General 
Assembly, consider themselves charged with examining the 
entire system of taxation, now practiced in the State." If 
taxes payable directly to the State constituted the entire 
burden of taxation, to which our people were liable, the prob- 
lem would be a much simpler one. But it has been the 
policy of Connecticut to impose most of the duties of govern- 
ment on towns and other municipal corporations, and the 
heaviest taxes, therefore, must continue to be laid and col- 
lected by them. 

The total taxes levied under the laws of the State during 
the ) 7 ears covered by the special reports of the comptroller 
on this subject (made under the Act of 1879) which have 
thus far been published, are as follows : 



Taxes Collected in the State in 1879-1880 and 1883-1884. 

1879-1880. 1883-1884. 

State, .... $1,466,386 $1,462,328 

Counties, .... $90,346.40 $131,766.68 

Towns, exclusive of State tax,2,919,754. 42 2,806,682.69 

Cities and Boroughs, . 1,325,816.21 1,636,957.89 

School Districts, . . 416,306.33 4,752,223 485,043.55 5,060,450 



Total, . . . $6,218,690 $6,522,778 

The State tax paid by the towns to the State on the list of 
1879, was $578,829.04, and on the list of 1883, was 
$540,667.90. Deducting these sums from the amount of 
taxes paid, as above, into the State treasury, the balance 
collected by the State, directly, in 1879-1880, was $887,557, 
and in 1883-1884, was $921,661. It thus appears that the 
taxes collected through and by our towns and other munici- 
pal bodies, are more than five-fold those collected directly by 
the State. Any adjustment, therefore, of State taxes which 
was made without taking into view our entire scheme of 
municipal taxation would be apt to occasion more inconven- 
iences than it would remedy. 

The first defect in our present system which challenges 
attention, consists in inequality of valuation, and this has 
been specially referred to us for consideration by your honor- 
able body at the present session, by your action upon House 
Joint Resolution No. 47. Our Statutes (General Statutes, p. 
156, Section 17) require all taxable property to be assessed 
at the " fair market value thereof and not its value at a 
forced or auction sale " ; but it is notorious that in no town do 
the assessors value real estate at what they think it is fairly 
worth. On the contrary, they first make this appraisal of 
its actual value, and then put it in the list at a certain pro- 
portion of such appraisal, varying from twenty five to seventy- 
five per cent. Similar reductions are made in valuing per- 
sonal property, though with less uniformity, and so perhaps 
with more injustice. 

This is an abuse of long standing, and it is based, of 
course, on the fact that as each town pays a State tax of a 



fixed percentage on its grand list, the towns that figure down 
their grand lists to the lowest point will pay the least to the 
State. 

If there were no such State tax, it would not affect the 
tax-payers in any town to have their property listed at its 
full value. The higher the valuation, the less would be the 
tax rate. But as long as the State taxes the towns in the 
existing way, so long we may expect to find local assessors 
violating their duty by systematic undervaluations, on the 
plea that their town would otherwise be taxed more than 
others. This has been the result of similar laws, wherever 
they have been enacted in other States. New York has fol- 
lowed this policy, and its practical working was thus described 
in the debates of the Constitutional Convention of that State, 
held in 1867-8 : 

* " I hold that under our present system, there is no greater man- 
ufactory of perjury on the face of the earth. What is the habit 
throughout the entire length and breadth of the State of New 
York? Towns are fighting towns, through their assessors, to get 
at the lowest possible point the assessment of their real and per- 
sonal property, for the purpose of going up to the board of super- 
visors, and in the taxation of county charges, to have their partic- 
ular towns as low as possible in the roll of taxation. That engen- 
ders a necessity on the part of counties to act in the same way; 
and you find the counties cutting down their assessment rolls in 
the equalization of valuation of their property as low as possible, 
so that when they come up here to Albany and appear before the 
State equalization board, to divide the State taxation, they shall 
pay the least amount of tax they possibly can. There is no 
attempt on the part of the assessors and supervisors to get at the 
honest, actual value of the property of the county, but there is an 
attempt to get it at as low a point as possible, in order to get an 
advantage over neighboring towns and counties in the operation 
of dividing the taxes of the county and State." 

Similar language is found in the report made in 1884 by 
the Special Commission appointed to consider the subject of 

* Vol. 3, p. 1935. Speech of Hon. Thomas G. Alvord. 



I 



6 

taxation in West Virginia. " The Commission," the report 
says, " has examined into this matter, and finds that while 
in some counties property is assessed at its full market value, 
yet in others it is rated at half, and in others again at less 
than half. The reason is this: the several assessors, whether 
of land or personalty, knowing that under our present method 
there is no recognized standard of valuation, which is main- 
tained and enforced throughout the State, have each adopted 
a standard of his own, and in adopting his standard of valu- 
ation, each assessor has endeavored to bring the property of 
his own county fully as low as the property of any other 
county; and, be it observed, each assessor was unacquainted 
with the practice in other parts of the State, and merely 
guessed at the standard of valuation elsewhere. Hence 
gross, glaring, and notorious inequalities exist." 

We append to this report a table compiled by the Comp- 
troller, showing the items making up the grand list of the 
State for the last twenty-one years, from 1864 to 1884, inclu- 
sive. The inaccuracy of the returns, and of the valuations in 
many cases, is evident at a glance, as the different years are 
compared. No one can doubt, for instance, that the number 
of dwelling-houses in the State has been largely increased 
during the last ten years, yet the total number returned on 
the assessment lists fell from over 106,000 in 1877 to less 
than 95,000 in 1883, notwithstanding the fact that their 
assessed value rose over ten millions of dollars during the 
same period. It is only within the last seventy years that 
the occasion and the opportunity for irregularities of this 
nature have come into existence. 

Until 1819 Connecticut taxed real estate, not according to 
its value, but in proportion to the annual income which, on 
the average, it was deemed likely to produce. Lands, as dis- 
tinguished from buildings, were put in the list at a fixed rate, 
for each kind, prescribed by statute. The best meadow land 
went into the list at |2.50 an acre, plough-land at $1.67, pas- 
ture at $1.34, wood-lots at 34 cents, etc. ; not because these 
sums were deemed to be the value of the lands, but because 



they were thought to represent the average income they 
would produce. Under such a system, there was little oppor- 
tunity for evading taxation. The acreage of each farm and 
the general character of each lot were readily ascertained, 
and the law then fixed the rate of assessments. 

No other provision for any re-adjustment or equalization 
was made than the requirement that the town assessments 
should be returned to the General Assembly annually, " that 
the Assembly may judge whether, on the whole, justice has been 
done by the listers." (Statutes, Edition of 1796, page 280, Sec. 
16.) Among the changes incident to the adoption of our 
Constitution, was that by which the plan of taxing incomes 
was replaced in the main by that of taxing property ; and the 
difficulty now under consideration immediately manifested 
itself. In the Revision of the Statutes in 1821, an effort to 
meet it was made by a provision (page 449, Sec. 10], consti- 
tuting the Treasurer and Comptroller a Board of Equaliza- 
tion, with substantially the powers now given them in our 
General Statutes (page 160, Sec. 44). As these officers have 
other important public duties to occupy their time, and are 
not given authority to visit the different towns for purpose of 
re-assessment, it is not too much to say that this provision has 
accomplished substantially nothing. 

In 1843 a Committee was appointed by the General Assem- 
bly to inquire into the subject of taxation, and report what 
alterations were necessary. They reported in 1844, in favor of 
requiring every tax-payer to hand in a list, not simply speci- 
fying but valuing the various items of his real estate, and 
stating also the value of his taxable personal property (out- 
side of bank stock) at a gross sum. The oath to be required 
was that his valuation was just and true. Such lists they 
proposed to keep open to public inspection, and this they be- 
lieved sufficient to ensure their correctness. The Board of 
Equalization had already proved so insufficient that they rec- 
ommended its abolition in these words.* 

"The Committee propose to dispense with the Board of Equali- 
* Report, page 9. 



zation; as now constructed, such a board cannot perform any effect- 
ual service. If all our taxes were levied by the State, it would be 
absolutely necessary to provide for a general equalization of assess- 
ments; but as the State tax is quite inconsiderable compared with 
those of the separate towns, inequalities in the assessments will be 
of small importance. As long as each town levies for itself and 
for its own local objects and expenses the principal part of the taxes, 
the great object to be obtained by our tax law, will be a just as- 
sessment of each inhabitant, compared with others of the same 
town. This object, it is hoped by the committee, may be accom- 
plished by the provisions of the bill which they have prepared." 

The bill reported by this committee was not adopted. At 
that period, as stated by them in the words above quoted, the 
expenses of the State were small and its taxes so light, that 
the want of a better equalization of burdens, as between the 
different towns, was still of little practical moment. But the 
State tax on towns is now ten fold greater than it was then, 
and the evil has become a serious one. The moment a tax 
so large as to be felt, is so laid as to bear upon one farm or 
one town more heavily than on another, which is similarly sit- 
uated, the injustice doubles the burden. An unjust tax will 
always be resisted or evaded, and under such circumstances 
inequality is always injustice. 

An attempt was made in 1866 to render our State Board of 
Equalization competent to deal with this question by adding to 
its members one " Commissioner," for each Senatorial District, 
who was to be paid $3.00 a day and expenses. It was the 
duty of each of these Commissioners to go over the grand 
list of each town in his district with the first assessor, and 
if necessary, examine for himself the property assessed, 
a collecting facts which shall enable him to make a report to 
the Board of Equalization constituted by this Act, of the 
relative value of the same kind of property in the different 
towns." (Public Acts of 1866, page 78, Chapter LXXXIII.) 

The next year this act was replaced by another (Public 
Acts of 1867, page 130, Chapter CXLVI), which required 
each of the commissioners of equalization to examine, with 



9 

one of the selectmen, in each town, " sufficient number of 
homesteads known as village property, and not less than ten 
farms situate in different localities in such town, together 
with enough of other taxable property to ascertain the aver- 
age actual cash value thereof," and then, on comparing his 
valuations thus made with those of the assessors, to " prepare 
a table showing the actual, as compared with the assessed 
value of the different kinds of taxable property in each town, 
and report the same in tabular form to the Comptroller." 
The State Board of Equalization was also reconstituted by 
dropping the District Commissioners, and adding the Com- 
sioners of the School Fund. 

At the same session a special Commission was created to 
take into consideration the subject of taxation, and report to 
the next Assembly. The preamble of the resolution provid- 
ing for its appointment, recites that " It is believed a large 
amount of personal property legally and justly liable to taxa- 
tion is withheld from and not placed upon the tax list," and 
also " that real estate and personal property are not now 
assessed at their true relative value." (Private Acts of 1867, 
page 248.) 

Nathaniel H. Morgan of Hartford, Charles Shelton of New 
Haven, Jeremiah Olney of Thompson, and Leman W. Cutler 
of Watertown, were named as the Commissioners. One of 
these gentlemen had recently held the office of Comptroller 
for five years, and another had been for a long period the first 
assessor of our largest town. They made their report in 
1868, in which they speak of the evil now under considera- 
tion, as follows : * 

"One of the obvious and peculiar defects of our system is, that it 
has no central or supervisory head, by which to secure any sort of 
uniformity in the manner or efficiency of its administration. It 
rests solely upon the interested action and determinations of more 
than one hundred and sixty separate local boards of officers, all 
acting without concert, conference, or any common control or super- 
vision, and all alike interested, as well as their constituents, by the 

*Report, page 5. 
2 



( 



10 

strongest pecuniary inducements, in the undervaluation and con- 
cealment of the taxable resources of their respective towns, in 
order to evade and reduce their respective State tax apportionments. 
So general and significant has this practice of undervaluation 
become, and so palpable were the inequalities resulting from it, that 
the General Assembly, at the two last sessions, appointed boards of 
valuation, or equalization, with a view to check, in some measure, 
this growing evil. But when it is considered that the same perni- 
cious influence of self-interest which had produced undervaluations 
by the local town officers, was still left in full operation upon the 
action of every member of these boards in the valuations in their 
respective local districts, it is not strange that this intended check 
should have proved to be of very little practical avail." 

The measure of relief which they recommended for this 
particular difficulty was the appointment of a Tax Commis- 
sioner. He was to hold office for five years, and during the 
first year of his term was to cause a general revaluation of 
the taxable property in each town to be made by State Asses- 
sors, appointed by him for each County. 

The bill reported failed to receive the approval of the Leg- 
islature, and after four years trial, the Statute as to Commis- 
sioners of Equalization was repealed in 1871. 

In 1876 another bill to create the office of State Tax Com- 
missioner was before the Legislature, and is printed as a pro- 
posed law in the Public Acts of that year, page 145. 

In 1880, the Treasurer, Comptroller, Secretary, and Commis- 
sioner of the School Fund, were appointed as a special Com- 
mission to inquire into the conditions and working of the 
Tax Laws of the State, and report what changes, if any, 
should be made. They had several public hearings, and 
reported at length in 1881, specifying many of the evils of 
our present system, and concluding with the following recom- 
mendations : * 

"In view of the gross inequalities of our valuations, of the 
imperfections of our statutes, relating to boards of equalization, 
of the excessive taxes now bearing upon some persons, natural and 

*Report, page 11. 



11 

artificial, we earnestly recommend the immediate appointment of a 
wise and competent commission to prepare in detail for the consid- 
eration of the next Legislature, a complete and perfect tax law in 
place of our present legislation, which with many merits and 
demerits is quite like a piece of patch-work. 

" Meantime, if the General Assembly will correct any one of the 
evils suggested, they will take one step in the line of the best inter- 
ests of the State. 

"Possibly the Legislature may be inclined to make a fundamen- 
tal change, and adopt a system of taxation upon a basis radically 
new, embodying the theories of men who have made taxation the 
study of a life-time. This may remedy the evils complained of by 
tax -payers everywhere. But should they prefer a temporary expe- 
dient, and retain the loose system now in the statutes with the 
cherished traditions of the people, and the experience of many 
years, — in that case, we earnestly recommend the appointment of 
a Tax Commissioner, with revisory powers; and we herewith sub- 
mit a bill providing for his appointment, with an outline of his 
powers and duties." 

The bill thus recommended was substantially that proposed 
in 1876, but it was not adopted. 

It would seem, therefore, that our people have not looked 
with favor on any attempt to give State officers power to 
inquire into and set aside the assessments of town officers. 
It is equally plain that, under our present method of laying 
the State tax on towns, the temptation to undervaluation is 
too strong for human nature to resist. But one remedy 
appears to remain, and that is to change the system of 
apportionment. We perceive no difficulty in accomplishing 
this change, with little disturbance to the existing order of 
things, by a resort to population as the basis of contribution. 
Population and wealth are closely allied, in an industrial 
community. Population, under the social conditions existing 
among us, makes wealth. And while wealth can exist in an 
intangible form, which eludes the utmost effort of the tax- 
gatherer, the numbers of population may always be ascer- 
tained with substantial precision. The decennial census 
taken under the authority of the United States affords one 



i 



12 

mode of determining them, and our annual enumeration of 
children between the ages of four and sixteen years is an- 
other, the ratio between the number of children in a State 
like ours, and that of the entire population, being quite con- 
stant. As the reports of the children in each town are the 
basis of the receipt by the town of its proportion of the 
School Fund, and also of the State appropriation for school- 
ing of $1.50 for each child reported, and as the enumerators 
are paid so much for each name upon the list (Public Acts 
of 1882, page 132, Chapter XXVI), there is little doubt that 
the full number will always be returned, and therefore that 
each town would bear its just proportion of the tax imposed. 
An annual census, also, forms a much more convenient basis 
of apportionment than one taken only after intervals of ten 
years. 

To illustrate the practical working of this method of 
assessment, let us assume that the State tax laid on the 
towns by this Assembly will be one and one-quarter mills on 
the amount of the grand list of the State, last completed. 
This amount is $349,977,339, and one and one-quarter mills 
upon it would raise $437,441. The number of children in 
January, 1833, between the ages of four and sixteen was 
returned at 151,069. If, instead of imposing a tax of one 
and one-quarter mills on the grand list, the Assembly should 
impose one of the same sum ($437,441) in gross, to be paid 
by the several towns respectively hr proportion to the number 
of children of school age in each, according to the last enum- 
eration, it would require each town to pay $2.89 for each 
child belonging to it, according to the returns. This amount 
would be a little more than the towns received last year 
from the School Fund and the State appropriation, these sums 
amounting together to $2.30. 

Such a tax would be uniform, equal, and certain, and by 
applying the same rule to county taxes, there would be left 
no motive for general undervaluations in any town. 

We can suggest no other way of avoiding them, and we 
suggest this .with considerable confidence in its justice and 
convenience alike. 



13 

Should it not be received with favor by the Assembly, we 
should concur with the Special Tax Commission of 1867 and 
1880, in their reports already mentioned, that it would be- 
come absolutely necessary to resort to some scheme of 
revaluation by State officers. Should the latter plan be pre- 
ferred, it would necessarily have an important effect in shap- 
ing the other forms of State and local taxation, since a Tax 
Commissioner, if appointed, would naturally be clothed with 
other functions than those of assessment and equalization. 

We have therefore thought it desirable to obtain the 
expression of the will of the Legislature on the recommenda- 
tion above made, before proceeding further in our work ; and 
with this view have prepared a draft act, which is appended 
to this report, and which we have the honor to submit to the 
consideration of the Assembly, as in our judgment a proper 
one to remedy the evil in question, and to secure the object 
contemplated by House Joint Resolution No. 47. Any other 
suggestions it would appear to us better to reserve until 
action has been taken on this bill ; but should the Assembly 
think otherwise, and desire us to report further at this ses- 
sion, we are ready to do so. 

All of which is respectfully submitted. 
Dated this second day of March, 1886. 

WILLIAM C. ROBINSON, 
NATHANIEL WHEELER, 
ISAAC W. BROOKS, 
CHAS. HOPKINS CLARK, 
SMITH P. GLOVER, 
SAMUEL A. YORK, 
SIMEON E. BALDWIN, 
MORRIS F. TYLER, 
EDWARD HUNTER, 
Special Commission on the subject of State Taxation. 



{ 



14 



State of Connecticut, 

General Assembly, 

January Session, 1886. 

AN ACT TO REGULATE STATE AND COUNTY TAXES ON 

TOWNS. 

Be it enacted by the Senate and House of Representatives in General 
Assembly convened : 

Section 1. The General Assembly shall at each regular session 
lay an annual tax of such a sum as it may determine, to be paid to 
the State by the several towns, during the year or years preceding 
the next regular session, and each town shall annually contribute 
to the same in proportion to the number of children between the 
ages of four and sixteen years residing in and belonging to said 
town, on the first Monday of January of the year in which said tax 
is payable, as ascertained by the returns of the School Visitors to 
the Comptroller. 

Sec. 2. The Comptroller shall annually apportion said tax among 
the several towns, according to the rule above provided, and give 
written notice on or before the first Monday of July, to the First 
Selectman of each town of the proportion payable by such town. 

Sec. 3. Said tax shall be paid and collected in the manner and 
at the times now provided by law for taxes laid upon the general 
list of the State. 

Sec. 4. County taxes shall be imposed upon the towns accord- 
ing to the same rule of apportionment above provided concerning 
State taxes; and the Clerk of the Superior Court in each county 
shall determine the amount payable by each town, according to 
said rule, on the basis of the annual return of the School Visitors 
to the Comptroller made next before the imposition of said tax, and 
specify said amount in his order drawn upon said town for said tax. 

Sec. 5. So much of section 1, page 166, of the General Statutes 
as provides that county taxes shall be imposed upon the towns in 
proportion to their respective lists last made and completed, is 
hereby repealed. 

Sec. 6. The apportionment of County Commissioners of the 
expense of repairs of court-houses or jails, authorized by section 2, 



15 

page 167, of the General Statutes, shall be made by them among 
towns, according to the rule of apportionment above provided con- 
cerning State and county taxes; and they shall determine the 
amount payable by each town, according to said rule, on the basis 
of the annual returns of the School Visitors to the Comptroller, 
made next before the date of such apportionment. 



16 



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